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European spot gas prices increased again on Friday, still supported by below-normal temperatures and relatively weak pipeline supply. Indeed, although Norwegian flows firmed up on Friday, averaging 293 mm cm/day, compared to 289 mm cm/day on Thursday, they were still below the 315 mm cm/day of early May, a source of concern at a time when European gas systems need much more supply to fill gas stocks whose levels (33%) are significantly below those of last year (68%). As for Russian flows, they were very slightly up, at 332 mm cm/day on average, compared to 331 mm cm/day on Thursday.
Curve prices were also higher as the rise in Asia JKM prices and in parity prices with coal for power generation (both EUA and coal prices were up) provided additional upward pressure.
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