Crude prices continued to rally on Wednesday amid expectations of a major stimulus package to help the US recover from the Covid-19 pandemic. The front-month WTI price returned to the USD 53/barrel mark on the day Joe Biden took to office as the 46th US president. As for the month-ahead Brent crude price, it rallied by 0.3% to close in the USD 56/barrel range.
The uptick in European gas prices ended swiftly on Wednesday, with front-month UK NBP and Dutch TTF settling 0.3% and 0.5% lower respectively.
US gas benchmark Henry Hub remained in the red, falling by 0.3% on Wednesday to settle at USD 2.54/MMBtu. CME’s month-ahead JKM futures contract remained unchanged – at USD 18.31/MMBtu – for a four straight day.
The European carbon price also returned to the red, with the price settling 0.5% lower.
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.