Further strong gains saw UK and continental European gas hubs almost close the gap on the Asian LNG spot price on Tuesday. The front-month contract on UK NBP gained another 8.8% to hit USD 2.58/MMBtu and Dutch TTF rose 8.1% to USD 2.54/MMBtu. NBP and TTF have now risen by 47% and 40% since Friday.
US benchmark Henry Hub rose 4.4% to USD 2.19/MMBtu, and CME’s JKM futures were unchanged at USD 2.69/MMBtu.
Crude oil prices notched up yet more incremental gains, as Brent and US benchmark WTI rose 0.6% and 1.7% to close at USD 44.43/barrel and USD 41.70/barrel, respectively, despite opening the session down slightly on Monday’s close. Brent and WTI were trading up by less than 1% in intra-day trades on Wednesday.
The European carbon price returned to growth yesterday, as the month-ahead futures contract for ETS carbon allowances (EUAs) rose 2.7% to close at EUR 26.77/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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