The European carbon price fell sharply yesterday to erase all the gains made in the first two weeks of July. The month-ahead futures contract for ETS carbon allowances (EUAs) fell 7.8% to EUR 26.52/tonne, its lowest closing price since 26 June 2020. EUAs had threatened to breach the symbolic EUR 30/tonne threshold this week, a feat not achieved since 2006.
US and European gas hubs yesterday fell largely in tandem, with UK NBP losing 4.6% to hit USD 1.69/MMBtu, Dutch TTF losing 3.2% to USD 1.69/MMBtu and Henry Hub falling 3.1% to USD 1.72/MMBtu. CME’s JKM futures were unchanged at USD 2.16/MMBtu.
Crude oil prices fell slightly on Thursday, as Brent dropped 1% to USD 43.37/barrel and US benchmark WTI fell 1.1% to USD 40.75/barrel.
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.