Sharp drop in European prices

European gas prices dropped significantly yesterday, pressured by lower residential demand due to higher temperatures and higher Norwegian supply. Indeed, Norwegian flows recovered yesterday, averaging 273 mm cm/day, compared to 253 mm cm/day on Wednesday, after power has been restored at the Kollsnes gas processing plant. As for Russian flows, they were very slightly down yesterday, at 331 mm cm/day on average, compared to 332 mm cm/day on Wednesday.

The drop in parity prices with coal for power generation (both EUA and coal prices were down) provided additional downward pressure.

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