29 March 2024
Pricewatch | 18 Jan 2021 | Gas Matters Today
Publication date: 18 January 2021
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Crude prices fell by more than USD 1/barrel to end the week, with growing Covid-19 cases in the north of China – seen as the major oil demand driver – the main factor behind the crude price slump. Three cities in China, including Shijiazhuang – the capital of Hebei province – Xingtai and Langfang, have been placed under fresh lockdowns, leading to over 20 million people being told to stay at home.
News of the fresh lockdowns in China saw front-month Brent and WTI both fall by 2.3% on Friday, with Brent closing in the USD 55/barrel range for the first time in four days.
European gas prices fell for a third consecutive day on Friday amid expectations of milder weather, which is expected to ease gas demand. Front-month UK NBP and Dutch TTF closed 6.6% and 5.8% lower respectively to settle at the equivalent of USD 8.07/MMBtu and USD 7.16/MMBtu, respectively.
CME’s month-ahead JKM started to fall on Friday, with the price closing 1.4% lower to end the week. US natural gas benchmark Henry Hub stopped the rot, closing 2.7% higher on Friday to settle at USD 2.74/MMBtu.
The European carbon price fell for a third day, closing 5.3% lower on Friday.
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.