Crude oil prices yesterday rode to highs not seen since the pandemic-induced price crash in March on further encouraging news regarding potential Sars-Cov-2 vaccines. Brent climbed 2.4% to USD 46.06/barrel, its highest closing price since 5 March 2020 – when it hit USD 49.99/barrel, before plunging below USD 20/barrel the following month as the world’s major economies went into lockdown. US benchmark WTI rose 1.5% to USD 43.06/barrel, its highest close since 26 August.
The major natural gas hubs and indexes all made gains yesterday. Henry Hub rose 2.3% to USD 2.71/MMBtu, helping to propel European gas hubs UK NBP and Dutch TTF, which rose 5% to settle at the equivalent of USD 5.05/MMBtu and USD 4.69/MMBtu, respectively. The Asian LNG price ticked further north, as CME’s January-dated JKM contract rose 2/7% to USD 6.55/MMBtu.
The European carbon price built on Friday’s gains, as month-ahead ETS allowance (EUA) futures rose 1.9% to close at EUR 27.25/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.
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