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Prices increased again yesterday in most European gas markets, still supported by strong demand due to freezing temperatures and relatively weak supply. In Asia, JKM spot prices rose to €79.255/MWh yesterday, +32.17% day-on-day, strongly helped by exceptional spot baseload power prices: €1220/MWh yesterday on the Japan Electric Power Exchange (compared to €1184/MWh on Friday). As a consequence, Asia continues to attract LNG cargoes originally destined to Europe.
On the pipeline supply side in Europe, Russian flows dropped slightly yesterday, at 321 mm cm/day on average, compared to 323 mm cm/day on Friday. Norwegian flows were stable at 334 mm cm/day on average. Algerian flows were up, which exerted a downward pressure on Spain PVB spot prices.
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