03
Jun
2020

Pricewatch | 3 Jun 2020 | Gas Matters Today

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European natural gas hub rebounded strongly off record lows on Tuesday. July-dated contracts on UK NBP and Dutch TTF soared 24.1% and 19.7%, respectively, to close at the equivalent of USD 1.37/MMBtu and USD 1.59/MMBtu. US Henry Hub gained only 0.2% in the session, thereby narrowing the ‘American premium’ for gas against both European hubs. CME’s JKM futures, an indicator of Asian spot LNG, climbed 5.3% to USD 2.11/MMBtu.

Crude oil prices continued their recovery, with July-dated Brent climbing 3.3% to close at USD 39.57/barrel, while WTI gained 3.9% to USD 36.81/barrel. Both contracts were trading up by around 1-2% on Tuesday morning, with Brent on track to close above USD 40/barrel for the first time since 6 March 2020.

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.

Contact the editor:

Sebastian Kennedy
[email protected]

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