Pricewatch | 06 Feb 2023 | Gas Matters Today

Only Subscribers can read the full Article

European natural gas prices saw modest increases on Friday despite large swings in temperatures across the continent, as large storage stocks continued to cushion the market.

NBP increased 1.2% to USD 17.86/MMBtu, while TTF saw a smaller 0.5% rise to USD18.37/MMbtu.

The weather has decreased below zero in some places in Europe, but the continued high gas stock levels continue limiting any sort of drastic increase. According to Gas Infrastructure Europe (GIE), European gas stocks were 70.4% full as of 4 February, with the largest withdrawals seen in France and Denmark over the weekend.

In the US, the situation was similar to that in Europe regarding stocks, but the weather forecast was mild for the next two weeks. Therefore, Henry Hub saw a 2% fall to USD 2.41/MMBtu.

Meanwhile, crude suffered losses on Friday, after strong US jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products, Reuters reported.

Brent fell 2.7% to USD 79.94/barrel, and WTI dropped 3.3% to USD 73.39/barrel.

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.

Contact the editor:

Jana Sutenko
[email protected]

Subscription Benefits

Our three titles – LNG Business Review, Gas Matters and Gas Matters Today – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.

LNG Business Review

LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.

Gas Matters

Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.

Gas Matters Today

Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.

Did you know that your Internet Explorer Browser is out of date?

Your MS Internet Explorer browser is out of date, and will not be fully compatible with our website. For best browsing experience we recommend that you upgrade your IE browser to a more recent version or use an alternative, more recent browser.