Crude oil prices returned to growth on Wednesday on growing optimism around a Sars-Cov-2 vaccine, as Brent and WTI rose 1.3% and 0.9% in the session to close at USD 44.34/barrel and USD 41.82/barrel, respectively, despite surging global Covid-19 cases and lacklustre fuel demand.
US natural gas benchmark Henry Hub yesterday gained 0.7% to close the session at USD 2.71/MMBtu, while European gas hubs UK NBP and Dutch TTF both fell by around 2%.
CME’s December-dated JKM futures expired and the front month rolled over into January. The January contract fell marginally in the session to close at USD 6.43/MMBtu, which represents a 6.8% discount on the final closing price of the expiring December contract.
The European carbon price returned to growth, as month-ahead ETS allowance (EUA) futures rose 2.1% to close at EUR 27.19/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.