Pricewatch | 15 Feb 2021 | Gas Matters Today

Only Subscribers can read the full Article

Oil brushed off a brief stumble on Thursday after rallying by over USD 1.2/barrel on Friday to end the week at a fresh 13-month high. The front-month Brent price settled in the USD 62/barrel range for the first time since 23 January 2020, with the front-month WTI price settling in the USD 59/range for the first time since 10 January last year.

Rising tensions between the Iran-backed Houthis rebels in Yemen and Saudi Arabia was the main driver behind Friday’s crude price rally. A military spokesperson for the Houthis took to social media to claim that the Houthis’ air force hit an airport and air base in Saudi Arabia, Reuters reported on Friday.

Oil is on course to hit fresh highs on Monday, with WTI hitting USD 60/barrel during trading in the morning, with Brent surging to USD 63/barrel. Driving prices is a major cold snap gripping the US, which has shut-in some production in Texas.

Front-month European gas prices stopped the rot on Friday after recording marginal gains. The month-ahead UK NBP price settled 1.2% higher, and the month-ahead Dutch TTF price rallied by 1.4%, with both benchmarks remaining in the USD 6/MMBtu range. In the US, the front-month Henry Hub price rallied by 1.5% to close in the USD 2.9/MMBtu range.

CME’s JKM futures contract continued to slide, showing a marginal loss to close at USD 8.26/MMBtu.

The European carbon price rallied by 3.3% to hit a record high of EUR 39.97/tonne to end the week.

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.

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.