18 May 2024
Pricewatch | 23 Aug 2021 | Gas Matters Today
Publication date: 23 August 2021
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European gas prices bounced back on Friday following a sell-off on Thursday prompted by Gazprom reporting that it may ship 5.6 Bcm of gas through the Nord Stream 2 pipeline later this year.
The front-month TTF and NBP contracts rallied to end the week, helping erase some of the losses recorded on Thursday. The UK marker closed 4.6% higher to settle at the equivalent of USD 14.27/MMBtu, with the Dutch marker settling 3.8% higher to close at USD 14.37/MMBtu.
The rally helped lift the European carbon price, which closed 1.6% higher to settle at EUR 54.32/tonne.
In the US, gas benchmark Henry Hub recorded a minor gain to close at USD 3.85/MMBtu. As for JKM, the Asian LNG marker rallied by 2.6% to settle at USD 15.58/MMBtu.
Oil prices fell for a seventh consecutive day to mark the biggest weekly loss by Brent and WTI in nine months. Crude prices have been falling amid concerns over surging Covid-19 cases across many of the world’s largest oil consuming nations. Oil prices were however rallying on Monday amid a weaker US dollar.
Brent and WTI fell by ~2% on Friday, with the international crude benchmark settling at USD 65.18/barrel and the US crude marker closing at USD 62.14/barrel.
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.