28 April 2024
Pricewatch | 20 Aug 2020 | Gas Matters Today
Publication date: 20 August 2020
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Crude oil prices barely budged despite yesterday’s OPEC+ meeting, after which the cartel said in a statement that the pace of demand recovery “appeared to be slower than anticipated with growing risks of a prolonged wave of COVID-19”. OPEC also warned of “fragility of the market and significant uncertainties”. But this did not weigh on prices; Brent and WTI were virtually unchanged on Wednesday, closing at USD 45.37/barrel and USD 42.93/barrel, respectively. Both were trading down by more than 1% on Thursday morning.
The front-month for CME’s JKM futures yesterday rolled over into the October contract, which has been trading at a growing premium to September for some time. October JKM yesterday closed at USD 4.09/MMBtu, down 3.2% day on day – but this price represents a premium of 41% on the final closing price of the September contract.
Month-ahead UK NBP and Dutch TTF gas contracts both fell ~2.2% on Wednesday to close at the equivalent of USD 3.03/MMBtu and USD 2.91/MMBtu, respectively. Henry Hub gained 0.4% to USD 2.43/MMBtu.
The European carbon price softened marginally, as the month-ahead futures contract for ETS carbon allowances (EUAs) fell 1.2% to close at EUR 26.20/tonne.
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.