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European gas prices dropped yesterday, both on the spot and the curve. Prices were pressured by new weather forecasts pointing to milder temperatures, significantly above normal, for next week.
Moreover, the tension in Asian markets continued to ease. Indeed, thanks to lower power consumption, system baseload spot power prices on the Japan Electric Power Exchange for delivery today eased to €68/MWh, down from €96/MWh for delivery on Monday. JKM spot prices weakened to €29.5/MWh yesterday, -15.80% day-on-day.
On the pipeline supply side, Russian flows were stable yesterday, at 317 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. By contrast, Norwegian flows were lower, averaging 327 mm cm/day, compared to 344 mm cm/day on Friday, due to unplanned outages at four major fields.
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