Crude oil prices fell back on Friday to erase much of the week’s gains, with Brent losing 1.5% and WTI losing 1.7% to settle at USD 44.40/barrel and USD 41.22/barrel, respectively. Brent started the week only 0.5% higher than having risen as high as USD 45.17/barrel on Wednesday, its highest settled price since 6 March 2020, just before the Saudi-Russia price war crashed the market.
US gas benchmark Henry Hub notched up gains of 3.4% to close the week at USD 2.24/MMBtu. European gas hubs were more settled, with UK NBP gaining 1% and Dutch TTF virtually unchanged at USD 2.74/MMBtu. CME’s JKM futures gained 0.4% to hit USD 2.79/MMBtu.
The European carbon price was virtually unchanged, as the month-ahead futures contract for ETS carbon allowances (EUAs) gained 0.1% to close at EUR 26.36/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.