Crude oil prices made fresh gains yesterday on news that OPEC+ compliance to agreed production cuts has been higher than expected. Front-month Brent rose 2% to USD 41.51/barrel, while WTI gained 2.3% to USD 38.84/barrel on reports that OPEC+ compliance was 87%.
The Asian LNG spot price notched up strong gains on Thursday, with CME’s JKM futures closing up 6.6% at USD 2.20/MMBtu. European gas hubs also returned to growth in the session, with UK NBP gaining 5.2% and Dutch TTF rising 4.6% in Thursday’s session to close at the equivalent of USD 1.74/MMBtu and USD 1.79/MMBtu, respectively. US gas benchmark Henry Hub was unchanged at USD 1.64/MMBtu.
The European carbon price was also firmly in the green, with month-ahead allowances (EUAs) on the Emissions Trading System gaining 7.5% to hit EUR 24.40/tonne – their highest closing price since 24 February 2020.
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.
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