Crude oil prices ran out of steam during nail-biting vote-counting in the US yesterday, with Brent and WTI losing 0.7% and 0.9% to close at USD 40.93/barrel and USD 38.79/barrel, respectively. Vote-counting in a number of swing states continued into Friday, and while the results are still too close to call, Democrat challenger Joe Biden stands a far greater chance to take the White House than incumbent Donald Trump. Meanwhile, Covid-19 continues to depress oil demand, market sentiment and prices. Both WTI and Brent were trading down by around 2-3% on Friday.
US gas benchmark Henry Hub’s front month contract fell 3.4% yesterday to close the session at USD 2.94/MMBtu, ending a five-session run above the USD 3 threshold. European hubs NBP and TTF gained around 4% to hit the equivalent of USD 5.43/MMBtu and USD 5/MMBtu. CME’s December-dated JKM futures contract was unchanged at USD 6.86/MMBtu.
The European carbon price furthered Wednesday’s strong gains, as month-ahead ETS allowance (EUA) futures rose another 3.5% to close at EUR 25.98/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.
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