Pricewatch | 08 Nov 2022 | Gas Matters Today

US natural gas benchmark Henry Hub continued to climb at the start of the week, hitting an intraday high of USD 7.2/MMBtu and later settling at a one-month high.

Forecasts for colder weather across much of the US once again prompted the front-month Henry Hub contract to rally, with the December-dated contract closing at USD 6.94/MMBtu.

Across the pond, European gas prices continued to dip amid mild, windy weather – helping keep a lid on gas demand and withdrawals from brimming gas inventories.

TTF fell 3.5% to close at the equivalent of USD 32.14/MMBtu, with NBP down 4% to settle at USD 30.66/MMBtu.

Asian LNG marker JKM fell back into the red, closing 6% lower at USD 27.2/MMBtu.

As for crude, Brent and WTI dipped at the start of the week following strong gains on Friday, with the fall pinned on uncertainty over China relaxing Covid-19 restrictions.

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.