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European gas prices dropped sharply yesterday, pressured by milder weather forecasts and expectations of higher LNG supply as the Asia-Europe gas spread has narrowed significantly. The drop in coal and EUA prices provided additional downward pressure as it reduced parity prices with coal for power generation.
In Asia, system baseload spot power prices on the Japan Electric Power Exchange for delivery today increased to €65/MWh, compared to €52/MWh for delivery on Monday, still far below the record levels of early January. By contrast, JKM spot prices extended losses, falling to €25.465/MWh yesterday, -5.15% day-on-day.
On the pipeline supply side, Russian flows remained stable yesterday, at 318 mm cm/day on average, still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows were down, averaging 335 mm cm/day, compared to 343 mm cm/day on Friday.
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