Crude oil prices deflated on Monday after it emerged that Saudi Arabia, the United Arab Emirates and Kuwait had decided to halt extra voluntary production cuts in July – which combined totalled 1.18 million barrels/d. Month-ahead Brent and WTI rallied on Monday morning following Saturday’s OPEC+ deal but soon pared gains, closing the session down by around 3.5% at USD 40.80/barrel and USD 38.19/barrel, respectively.
European gas hubs NBP and TTF both crashed by about 8% in yesterday’s session to close at the equivalent of USD 1.62/MMBtu and USD 1.74/MMBtu, respectively. US benchmark Henry Hub rose by one cent to USD 1.79/MMBtu, reopening a small premium against TTF. CME’s JKM futures were unchanged at USD 2.0/MMBtu.
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.