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European spot gas prices were mixed yesterday, torn between the bullish effect of the ongoing blockage of the Suez Canal and the bearish effects of rising temperatures and more comfortable Norwegian supply. Indeed, Norwegian flows increased yesterday to 337 mm cm/day on average, compared to 331 mm cm/day on Wednesday. Russian flows were stable, averaging 328 mm cm/day. As for LNG sendouts, they remained strong.
By contrast, prices on the curve were more clearly down, pressured by the drop in parity prices with coal for power generation (both EUA and coal prices were down) and technical selling.
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