30 April 2024
Pricewatch | 7 Jul 2020 | Gas Matters Today
Publication date: 07 July 2020
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The European carbon price hit a fresh 12-month high on Monday, after month-ahead ETS allowances (EUAs) leapt 6.4% to close at EUR 29.64/tonne. EUAs last settled above this price on 6 July 2019, but crashed as low as EUR 15.24/tonne on 18 March 2020 amid widespread European Covid-19 lockdowns that temporarily suppressed industrial activity across the bloc.
US gas benchmark Henry Hub made notable gains on Monday, with the front-month contract rising 5.5% to USD 1.83/MMBtu. European gas hubs NBP and TTF rose only marginally in the session, which narrowed the EU-US gas spreads to just USD 0.07/MMBtu and USD 0.19/MMBtu, respectively. Henry Hub traded at a premium to TTF for much of the month of May, with the spread reaching a peak of USD 0.69/MMBtu on 28 May.
Crude oil prices rose modestly on Friday, as global benchmark Brent gained 0.7% to USD 43.10/barrel and US benchmark WTI gained 1% to close at USD 40.63/barrel. Brent and WTI were both trading down by about the same margin this morning.
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.