Sharp price rise

European spot gas prices increased sharply yesterday on tighter supply while the strong rise in temperatures is expected to stimulate air conditioning demand. The increase was particularly strong for Zeebrugge prices (+7.25% day-on-day), which are the most affected by the closure of the Interconnector pipeline for annual maintenance. Otherwise, Norwegian flows rebounded yesterday to 284 mm cm/day on average, compared to 280 mm cm/day on Monday. As for Russian flows, they were lower, averaging 317 mm cm/day, compared to 322 mm cm/day on Monday.

Curve prices were also higher as the rise in Asia JKM prices and in parity prices with coal for power generation (thanks to higher EUA prices) lent them support.

Sharp price rise
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