Pricewatch | 17 Nov 2021 | Gas Matters Today

Only Subscribers can read the full Article

European gas prices soared on Tuesday after the German regulator announced it has suspended certification of the Nord Stream 2 pipeline.

The front-month TTF and NBP contracts closed ~17% higher day-on-day on Tuesday. The UK gas benchmark settled at the equivalent of USD 32.22/MMBtu, USD 0.93/MMBtu higher than the Dutch marker.

European gas prices surged to their highest since 20 October after Bundesnetzagentur – the German energy regulator – announced on Tuesday that it has temporarily suspended the procedure to certify Gazprom’s Swiss holding company Nord Stream AG as an independent transmission operator (ITO).

The ruling means the 55 Bcm/year capacity pipeline linking Russia and Germany is unlikely to achieve first flows this winter.

Cold weather sweeping across much of Europe has also helped push gas prices higher.

The European carbon price hit a fresh record high on the back of strengthening gas prices. The November-dated contract closed 2.5% higher at EUR 67.54/MMBtu.

Across the pond, US gas benchmark continued to climb, closing 3.2% higher at USD 5.18/MMBtu.

As for Asian LNG marker JKM, the front-month contract remained unchanged.

Oil prices remained mix, but largely flat. Brent closed 0.5% higher at USD 82.43/barrel, with WTI down 0.1% at USD 80.76/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.

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.