Crude oil prices softened again on Tuesday, with Brent falling 1.1% to USD 44.50/barrel and WTI losing 0.8% to settle at USD 41.61/barrel. The losses erased most of Monday’s gains.
European gas hubs fell less sharply on Tuesday, this time diverging from the US gas benchmark. UK NBP fell 1.6% to USD 2.69/MMBtu and Dutch TTF fell 2.3% to USD 2.56/MMBtu, while Henry Hub gained 0.8% to close at USD 2.17/MMBtu.
CME’s JKM futures gained 1.2% to hit USD 2.88/MMBtu, the front-month contract’s highest closing price since 31 March 2020.
The European carbon price failed to cling onto Monday’s gains, as the month-ahead futures contract for ETS carbon allowances (EUAs) fell 2% to close at EUR 26.14/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.