The continental European wholesale gas price rallied strongly on Monday in a shallow trading session in which many other global benchmarks did not trade. June-dated Dutch TTF soared 23% to settle at the equivalent of USD 1.53/MMBtu, putting clear blue water between continental and UK gas prices. NBP was unchanged at USD 1.15/MMBtu, having risen slightly on Friday. This also eroded the ‘American premium’ over TTF to USD 0.20/MMBtu, with Henry Hub unchanged from Friday’s closing price of USD 1.73/MMBtu.
Crude oil prices remained firm on Monday, with July-dated contracts on Brent and WTI gaining 1.1% and 1.4% to close at USD 35.53/barrel and USD 33.72/barrel, respectively. Both were trading at prices around 2-3% higher on Tuesday morning.
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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