Sharp rise in prices in Europe

European gas prices increased strongly yesterday, mainly supported by the failure (once again) of Ukrainian TSO to sell any of the interruptible capacity it offered at the Russia-Ukraine border for June delivery at yesterday’s auction. Indeed, this suggests Gazprom would maintain deliveries through Ukraine stable, at levels well below those of last year.

The rise in parity prices with coal for power generation (both EUA and coal prices were up) provided additional upward pressure.

On the pipeline supply side, Norwegian flows were slightly lower yesterday, averaging 278 mm cm/day, compared to 280 mm cm/day on Monday. As for Russian flows, they remained stable, at 332 mm cm/day on average.

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