Crude oil prices continued rising on Tuesday on strengthened hopes of a fresh US economic stimulus package being agreed by lawmakers, but those hopes were dashed early on Wednesday morning. Brent closed yesterday up 3.3% at USD 42.65/barrel but opened today’s session down 1.7% after US president Donald Trump said he was ending talks with Democratic leaders in Congress until after November’s presidential election. WTI followed a similar pattern, yesterday rising 3.7% to USD 40.67/barrel before dipping more than 2% below the USD 40 threshold this morning.
US gas benchmark Henry Hub failed to hold onto yesterday’s gains, with the front month contract falling 3.9% to USD 2.51/MMBtu. European hubs NBP and TTF fell 1% and 0.8% to close at the equivalent of USD 4.82/MMBtu and USD 4.59/MMBtu, respectively. CME’s November-dated JKM futures contract was unchanged at USD 5.05/MMBtu.
The European carbon price again softened marginally in yesterday’s session, as month-ahead ETS allowance (EUA) futures fell 0.5% to close at EUR 26.78/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.
Subscription Benefits
Our three titles – LNG Business Review, Gas Matters and Gas Matters Today – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.
LNG Business Review
LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.
Gas Matters
Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.
Gas Matters Today
Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.