Crude prices wobbled on Wednesday on expectations of lower refinery demand for crude due to autumn maintenance. Brent month-ahead futures contract fell 2.5% to USD 44.43/barrel and WTI lost 2.9% to hit USD 41.51/barrel – representing a three-week low for the US benchmark.
US and European gas hubs were all in the red yesterday. Henry Hub dropped 1.6% to close at USD 2.49/MMBtu on cooler weather post-hurricane quelling demand for air conditioning. Duthc TTF and UK NBP fell 1.7% and 2.1%, respectively, to close at the equivalent of USD 3.86/MMBtu and USD 3.81/MMBtu.
CME’s JKM Asian LNG futures contract could not hold onto Tuesday’s gains, falling 1.7% to USD 4.23/MMBtu.
The European carbon price stopped the rot on Wednesday, with the month-ahead futures contract for ETS carbon allowances (EUAs) gaining 1.8% to hit EUR 28.21/tonne.
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.
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