Sharp drop in European prices

European gas prices fell sharply on Friday, pressured by the upward revision of temperatures and technical selling.

The drop in Asia JKM prices and parity prices with coal for power generation (both coal and EUA prices were lower) provided additional downward pressure, particularly for curve prices.

On the pipeline supply side, Russian flows were stable on Friday, at 329 mm cm/day on average. Norwegian flows were very slightly down, averaging 302 mm cm/day, compared to 303 mm cm/day on Thursday (still significantly below the maximum of 348 mm cm/day of early April).

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