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European gas prices increased significantly yesterday, both on the spot and the curve, still supported by freezing temperatures in Europe and in Asia. An all-time record was posted on the Spanish PVB spot market, €52/MWh, a price not far from Asia spot JKM prices (€57.583/MWh yesterday, +4.14% day-on-day). Despite such huge Asian gas prices, gas-fired generation is still profitable in Japan for instance as spot baseload power prices on the Japan Electric Power Exchange are currently trading as high as €720/MWh. On the supply side, Russian flows were stable at 332 mm cm/day on average yesterday, while Norwegian flows eased to 325 mm cm/day due to process problems at the Troll field.
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