24 April 2024
Pricewatch | 24 Jul 2020 | Gas Matters Today
Publication date: 24 July 2020
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Crudes prices continued to slide on Thursday, with the front-month Brent price falling below USD 44/barrel – two days after hitting a four-month high. WTI fell by 2% to settle at USD 41.07/barrel. The crude price collapse came after reports of a larger than expected build in US oil stocks this week, with a recovery in fuel demand being hit by surging Covid-19 cases in the US. On Thursday, Barclays Commodities Research said crude prices could see a correction in the short-term if fuel demand slows further.
Natural gas prices on both sides of the Atlantic continued to rally, with US benchmark Henry Hub up 6.2% to settle at USD 1.79/MMBtu. The increase outpaced gains on European hubs, resulting in the ‘American premium’ widening. The front-month UK NBP price closed 5.2% higher, with Dutch TTF settling 3.5% higher.
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.