Spot prices down in most European markets

Spot gas prices dropped in most European gas markets on Friday, still pressured by expectations of higher temperatures from today and stronger LNG supply to Europe in the coming days; only Italian prices were higher given the sharp drop in temperatures in the country. Prices on the curve were more resilient thanks to the rise in parity prices with coal for power generation (the increase in EUA prices more than offset the decrease in coal prices).

On the pipeline supply side, Norwegian flows were slightly down on Friday, averaging 338 mm cm/day, compared to 340 mm cm/day on Thursday. Russian flows remained stable, at 303 mm cm/day on average.

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