4 May 2024
Pricewatch | 16 Jun 2020 | Gas Matters Today
Publication date: 16 June 2020
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Crude oil prices rebounded on Monday, with front-month Brent and WTI paring early losses to close the session up more than 2% at USD 39.72/barrel and USD 37.12/barrel, respectively. The intra-session recovery was spurred by comments from the United Arab Emirates’ energy minister Suhail Al Mazrouei that OPEC+ compliance to production cuts would be high, and prices could recover to “normal” within the next couple of years.
A sense of normality is already returning to Atlantic basin gas hubs, as Henry Hub fell 3.6% to USD 1.67/MMBtu while European hubs NBP and TTF rose to the equivalent of USD 1.80/MMBtu and USD 1.82/MMBtu, respectively, opening a sliver of a European premium.
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.