The gulf between the rising Asian LNG price and stagnant US and European gas hubs widened further on Monday. The front-month contract on CME’s JKM futures rose 3.5% to USD 2.69/MMBtu, as front-month Henry Hub, UK NBP and Dutch TTF all fell by around 4-5% to settle at, respectively, USD 1.73/MMBtu, USD 1.66/MMBtu and USD 1.65/MMBtu. The divergence means the prompt TTF-JKM spread is now more than USD 1/MMBtu, for the first time since 20 January 2020.
Crude oil prices remained steadied on Monday, as Brent and US benchmark WTI again registered marginal gains to settle at USD 43.41/barrel and USD 41.60/barrel, respectively.
The European carbon price again fell notably in yesterday’s session, as the month-ahead futures contract for ETS carbon allowances (EUAs) lost another 5.2% to close at EUR 24.93/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.