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Prices weakened again yesterday in most European gas markets, both on the spot and the curve. Spot fundamentals were almost unchanged with significantly below-normal temperatures continuing to maintain residential demand at strong levels, while Russian and Norwegian flows were stable, respectively at 332 mm cm/day and 334 mm cm/day on average. In this context, the market remained sensitive to the recent upward revision in temperatures for the balance of January and the new national lockdown in the UK. Except on the Spain’s PVB, prices ignored once again the further rise in Asia JKM prices (€55.296/MWh yesterday, +8.72% day-on-day).
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