3 May 2024
Pricewatch | 2 Jul 2020 | Gas Matters Today
Publication date: 02 July 2020
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UK and European natural gas hubs fell back on Wednesday, as front-month NBP lost 3.1% to hit the equivalent of USD 1.96/MMBtu and Dutch TTF lost 4.9% to close at USD 1.93/MMBtu. US benchmark Henry Hub also fell 4.6% to close at USD 1.67/MMBtu, while CME’s JKM futures rose 2.3% to close at USD 2.20/MMBtu, erasing Tuesday’s losses.
The European carbon price also extended gains, with ETS allowances (EUAs) rising 2.7% yesterday to close at EUR 27.65/tonne. Month-ahead EUA futures have shaken off the pandemic, rising 44% since late March.
Crude oil prices notched up modest gains, as global benchmark Brent and US benchmark WTI rose 2.1% and 1.4% to close at USD 42.03/barrel and USD 39.82/barrel, respectively. Both benchmarks were trading up by more than 1% on Thursday morning on US oil storage data showing a larger than expected drawdown, indicating demand remains resilient in the face of surging Covid-19 infections in several states.
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.