Brent crude failed to sustain recent gains that propelled it above USD 50/barrel, falling back by 0.6% in Friday’s session to close the week at USD 49.97/barrel. WTI also fell by the same margin to USD 46.57/barrel. But upward momentum quickly returned on Monday after an oil tanker was struck by an explosive device while unloading at Jeddah port in Saudi Arabia. This pushed Brent and WTI up by around 1% in early trading on Monday.
The Asian LNG spot price continues to make strong gains amid a winter buying spree, with CME’s January 2021-dated JKM futures contract gaining 2% to close at USD 8.08/MMBtu on Friday – the front month contract’s highest closing price since 24 January 2019.
US and European gas hubs also made gains on Friday, with Henry Hub rising 1.5% to USD 2.59/MMBtu, and UK NBP and Dutch TTF gaining 2.7% to close at the equivalent of USD 6.22/MMBtu and USD 5.69/MMBtu, respectively.
The European carbon price fell back slightly from its 13-year high on Friday, with emissions allowances (EUAs) losing 1.2% to close at EUR 30.52/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.
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.
Related Stories
-
11Dec2020Pricewatch | 11 Dec 2020 | Gas Matters Today
10Dec2020Pricewatch | 10 Dec 2020 | Gas Matters Today
09Dec2020Pricewatch | 9 Dec 2020 | Gas Matters Today