US natural gas benchmark Henry Hub yesterday crashed on warm weather forecasts and robust production, as the front month fell almost 10% to close the session at USD 2.70/MMBtu – a one-month low. European gas hubs UK NBP and Dutch TTF both rose by around 2%, while CME’s December-dated JKM futures contract was again unchanged. The European carbon price extended gains, as month-ahead ETS allowance (EUA) futures rose 4.2% to close at EUR 27.39/tonne.
Crude oil prices rebounded on Monday on fresh vaccine hopes, as Brent and WTI rose 2.4% and 3% in the session to close at USD 43.82/barrel and USD 41.34/barrel, respectively, despite surging global Covid-19 cases and lacklustre fuel demand.
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.