European gas prices hit a one-month high on Wednesday, with TTF and NBP surging on Thursday morning after Russia launched a major military assault on Ukraine.
The front-month NBP and TTF contracts closed over 11% higher on Wednesday, with the Dutch marker settling at the equivalent of USD 29.48/MMBtu – its highest close since 28 January. The UK marker also hit a one-month high, settling at USD 28.92/MMBtu.
European gas prices look set to close higher on Thursday after Russia forces invaded Ukraine. Prices were up ~40% during morning trading.
The European gas rally helped lift Asian LNG marker JKM and the European carbon price. The front-month EUA contract closed 5.9% higher at EUR 94.67/tonne – its highest close since 8 February. JKM was up 11.6%, settling at USD 28.97/MMBtu.
In the US, Henry Hub continued to climb, closing 2.8% higher at USD 4.62/MMBtu.
Crude prices remained flat on Wednesday, however Brent was topping USD 100/barrel on Thursday morning following news of Russia’s invasion on Ukraine.
The April-dated Brent contract remained unchanged on Wednesday, with WTI settling 0.2% higher at USD 92.1/barrel.
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.
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