The British wholesale gas price rose further above the indicative spot price of LNG in Asia on Friday, and Dutch TTF is not far behind. Front-month UK NBP gained 2.4% to settle at the equivalent of USD 5.29/MMBtu (GBP 50.94/th), while TTF rose 1.8% to USD 4.98/MMBtu as CME’s November-dated JKM futures contract was again unchanged at USD 5.15/MMBtu. NBP has not traded at these highs since December 2019, and crashed to multi-decade lows of USD 1.03/MMBtu (GBP 8.34/th) on 28 May 2020. This time last year, NBP was trading at USD 5.37/MMBtu (GBP 51.74/th)
US gas benchmark Henry Hub was virtually unchanged at USD 2.77/MMBtu. Crude oil prices again softened marginally in Friday’s session.
The European carbon price also fell slightly, as month-ahead ETS allowance (EUA) futures lost 0.3% to close the session at EUR 24.89/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.