Prices weakened in most European markets

Prices weakened yesterday in most European gas markets, still pressured by above-normal temperatures whose impact exceeded that of supply volatility. Moreover, the drop in EUA prices (which reduced parity prices with coal for power generation) provided additional downward pressure.

On the pipeline supply side, Norwegian flows rebounded yesterday, averaging 318 mm cm/day, compared to 304 mm cm/day on Tuesday, but still well below the 338 mm cm/day of Monday. By contrast, Russian flows were down, at 297 mm cm/day on average, compared to 315 mm cm/day on Tuesday.

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