Slight price rebound in Europe

European gas prices rebounded slightly yesterday as the bullish impact of higher EUA and coal prices (which increased parity prices with coal for power generation) prevailed over the bearish impact of (current) mild weather and weaker Asian prices. Indeed, JKM spot prices extended losses, falling to €23.106/MWh yesterday, -5.24% day-on-day.

On the pipeline supply side, Russian flows were down yesterday, at 303 mm cm/day on average, compared to 307 mm cm/day on Wednesday. But, Norwegian flows were up, averaging 341 mm cm/day, compared to 330 mm cm/day on Wednesday.

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