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European gas prices were slightly up overall yesterday. Although the bullish impact of Gazprom’s decision not to book additional shipping capacity to Ukraine for May started to fade, low European gas stock levels remained a source of concern.
The rise in Asia JKM prices and parity prices with coal for power generation (both EUA and coal prices were up) provided support.
On the pipeline supply side, Russian flows were slightly down yesterday, at 329 mm cm/day on average, compared to 330 mm cm/day on Tuesday. By contrast, Norwegian flows were up, averaging 310 mm cm/day, compared to 298 mm cm/day on Tuesday
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