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Prices were down again yesterday in most European gas markets (to the exception of Spain PVB prices). The drop seems to have been triggered by expectations of warmer temperatures. The easing of tension on Asian markets (baseload spot power prices on the Japan Electric Power Exchange were stable yesterday at €775/MWh) also exerted downward pressure.
On the pipeline supply side in Europe, Russian flows were stable yesterday, at 317 mm cm/day on average. Norwegian flows were up, averaging 342 mm cm/day, compared to 330 mm cm/day on Friday, with the issue at the Oseberg gas field having been resolved over the weekend.
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