17
Sep
2020

Pricewatch | 17 Sep 2020 | Gas Matters Today

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Crude oil prices accelerated their gains on Wednesday, as support came from data showing an unexpectedly large draw on US stockpiles, in combination with reduced output from the Gulf of Mexico due to Hurricane Sally. Brent climbed 4.2% to USD 42.22/barrel and US benchmark WTI rose 4.9% to USD 40.16/barrel.

Hurricane Sally made landfall yesterday, cutting power to around half a million homes and businesses across the US Gulf coast. This weighed heavily on Henry Hub futures, which fell 4% to USD 2.27/MMBtu in the session. CME’s JKM futures contract was again virtually unchanged at USD 4.31/MMBtu.

European gas hubs rose after an explosion on a section of the Kyiv-Western Ukraine-1 pipeline halted flows, although Ukraine’s transmission system operator OGTSU said gas supplies into the EU are not affected. UK NBP rose 2.7% to close at the equivalent of USD 3.86/MMBtu and Dutch TTF rose 3.9% to USD 3.93/MMBtu.

The European carbon price found support yesterday, as month-ahead ETS allowance (EUA) futures rose 0.7% to close at EUR 29.96/tonne.

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.

Contact the editor:

Sebastian Kennedy
[email protected]

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