UK and European gas hubs diverged slightly on Tuesday, as front-month NBP gained 4.4% to hit the equivalent of USD 1.62/MMBtu while Dutch TTF fell 0.5% to USD 1.70/MMBtu. With US gas benchmark Henry Hub gaining only 0.4% to USD 1.75/MMBtu, the ‘American premium’ against the UK gas price narrowed by one third but gained 26% against the continental marker.
Crude oil prices returned to modest growth on Tuesday, as global benchmark rising 0.4% to USD 42.90/barrel and US benchmark WTI settling up 0.5% at USD 40.29/barrel.
The European carbon price gained another 1% in Tuesday’s session, with the month-ahead futures contract for ETS carbon allowances (EUAs) closing at EUR 29.56/tonne – encroaching further on the EUR 30/tonne threshold that it has not surpassed since 2006.
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.