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European gas prices dropped again yesterday, both on the spot and the curve. Prices continued to be pressured by the milder end of January-February weather outlook. In Asia, system baseload spot power prices on the Japan Electric Power Exchange for delivery today increased to €77/MWh, up from €68/MWh for delivery on Tuesday, but far below the record levels of the previous weeks. JKM spot prices weakened slightly to €29.18/MWh yesterday, -1.12% day-on-day.
On the pipeline supply side, Russian flows remained stable yesterday, at 317 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows rebounded, averaging 334 mm cm/day, compared to 327 mm cm/day on Monday.
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