European and US wholesale gas prices diverged further on Thursday to widen the ‘American premium’ for gas. June-dated UK NBP and Dutch TTF fell 6.1% and 4.9% to settle at the equivalent of USD 1.03/MMBtu and USD 1.14/MMBtu, respectively. Henry Hub rose 6.1% to USD 1.83/MMBtu, widening the ‘American premium’ over British molecules to USD 0.80/MMBtu – equivalent to 78% of NBP. CME’s JKM futures gained 1% to USD 2.02/MMBtu.
Crude oil prices firmed up on Thursday, with July-dated contracts on Brent and WTI gaining 1.6% and 2.7% to close at USD 35.29/barrel and USD 33.71/barrel, respectively. Both were trading down by around 1.8% on Friday 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.