25 April 2024
Pricewatch | 23 Nov 2020 | Gas Matters Today
Publication date: 23 November 2020
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Crude oil prices rallied on Friday as a tug-of-war played out between bulls focussing on the latest promising news regarding Sars-Cov-2 vaccines and bears wary of sluggish oil and fuel demand as Covid-19 cases continue soaring around the world. Brent and WTI closed at USD 44.96/barrel and USD 42.42/barrel, up by around 1.7% on Thursday’s closing price. Brent and WTI were both trading higher by more than 1% on Monday morning amid fresh news on the effectiveness and potential duration of a vaccine developed by AstraZeneca.
US natural gas benchmark Henry Hub recovered some losses on Friday, by rising 2.2% to close the session at USD 2.65/MMBtu to rise above the six-week low it sank to on Thursday. European gas hubs UK NBP and Dutch TTF remained in the red, however, as front-month contracts fell by more than 1% to settle at the equivalent of USD 4.81/MMBtu and USD 4.48/MMBtu, respectively. The Asian LNG price found support, as CME’s January-dated JKM contract rose 2% to USD 6.38/MMBtu.
The European carbon price rebounded, as month-ahead ETS allowance (EUA) futures gained 1.5% to close at EUR 26.74/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.