29 April 2024
Pricewatch | 30 Oct 2020 | Gas Matters Today
Publication date: 30 October 2020
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Crude oil prices continued their descent yesterday as fears grew over lockdowns and other tighter measures to control soaring Covid-19 infection rates around the world. Brent sank another 3.8% and WTI lost 3.3% to close at USD 37.65/barrel and USD 36.17/barrel, respectively. Month-ahead Brent has not settled this low since 29 May 2020, when it hit USD 35.33/barrel.
US gas benchmark Henry Hub’s front month yesterday rolled over into the December contract, which gained one cent in the session to close at USD 3.30/MMBtu. That price represents a 10.2% premium on the final closing price of the November-dated contract, which itself gained 19% in October during its spell as the front month contract.
Other major gas hubs and indexes were in the red yesterday. CME’s December-dated JKM futures contract fell 0.4% to USD 6.93/MMBtu, while European gas hubs NBP and TTF both fell by less than 2% to settle at the equivalent of USD 5.27/MMBtu and USD 4.86/MMBtu.
The European carbon price found support in the session, as month-ahead ETS allowance (EUA) futures gained 2.7% to close at EUR 23.66/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.