24 April 2024
Pricewatch | 29 Jun 2020 | Gas Matters Today
Publication date: 29 June 2020
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Crude oil prices closed last week with a whimper, as global benchmark Brent and US benchmark WTI both softened marginally in Friday’s session to close at USD 41.02/barrel and USD 38.49/barrel, respectively. These closing prices represent week-on-week losses of around 5%, oil’s second weekly loss since the beginning of May, as brimming US fuel and crude storage levels, deep uncertainty over the economic recovery and localised flare-ups in Covid-19 transmission rates eclipsed bullish sentiment around the opening up of major western economies.
UK and European natural gas hubs swapped places in Friday’s session, as front-month NBP rose 2.1% to hit the equivalent of USD 1.72/MMBtu and Dutch TTF lost 2.9% to close at USD 1.68/MMBtu. The prompt price on the British hub has not traded above its continental counterpart since 24 March 2020. Since then NBP’s discount has grown as wide as 25% of TTF, on 25 May 2020.
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.