20 April 2024
Pricewatch | 28 May 2020 | Gas Matters Today
Publication date: 28 May 2020
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European wholesale gas prices fell abruptly again on Wednesday to widen the discount against US and Asian benchmarks. June-dated UK NBP and Dutch TTF both crashed more than 10% to settle at the equivalent of USD 1.09/MMBtu and USD 1.19/MMBtu. US gas benchmark Henry Hub fell less sharply by 4% to close at USD 1.72/MMBtu, widening the ‘American premium’ over British molecules to USD 0.64/MMBtu – equivalent to 59% of NBP. CME’s JKM futures fell 4.8% to USD 2/MMBtu, erasing Tuesday’s gains
Crude oil prices softened on Wednesday on reports that Russia intends to roll back oil production cuts, with July-dated contracts on Brent and WTI falling 4-4.5% to close at USD 34.74/barrel and USD 32.81/barrel, respectively. Both were trading down by around 2-3% on Thursday morning.
Front-month futures and indexes at last close with day-on-day changes (click to enlarge):
Time references based on London GMT. Brent, WTI, NBP, TTF and EU CO2 data from ICE. Henry Hub, JKM and API2 data from CME. Prices in USD/MMBtu based on exchange rates at last market close. All monetary values rounded to nearest whole cent/penny. Text and graphic copyright © Gas Strategies, all rights reserved.