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European gas prices continued to rebound yesterday, still supported by concerns on tight spot fundamentals. Despite lower demand, pipeline supply remains relatively weak, which maintains European gas stocks significantly below last year levels: they were 37% full on 31 May, compared to 73% last year.
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.
On the pipeline supply side, Norwegian flows increased again yesterday, averaging 284 mm cm/day, compared to 279 mm cm/day on Monday. As for Russian flows, they remained stable, at 332 mm cm/day on average.
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