Global oil and gas prices were relatively stable in an undramatic trading session yesterday, following weeks of market turmoil. The biggest front-month mover was UK NBP, which gained 5.3% to close at the equivalent of USD 1.61/MMBtu. Dutch TTF rose 1.1% to USD 1.79/MMBtu and US benchmark Henry Hub was virtually unchanged at USD 1.82/MMBtu. These movements served to converge US and European wholesale gas prices, all but erasing the ‘American premium’.
Crude oil prices were virtually static on Thursday, with July-dated Brent climbing 0.5% to settle a cent short of USD 40/barrel, and WTI yesterday gaining 0.3% to hit USD 37.41/barrel. Both oil contracts were trading up by less than 1% 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.