16 May 2024
Pricewatch | 13 Jun 2022 | Gas Matters Today
Publication date: 13 June 2022
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UK gas benchmark NBP tumbled on Friday, with within-day prices trading at 0 during the session and the front-month contract closing 4.4% lower at the equivalent of USD 18.03/MMBtu.
European gas prices ended last week in the red, pushed lower by ample supply and lower demand.
The within-day NBP price touched 0 during the session as export capacity on the IUK pipeline running from the UK to Belgium was reduced by 50% due to unplanned maintenance.
The front-month NBP and TTF contracts settled at USD 18.03/MMBtu and USD 25.43/MMBtu respectively.
An uptick in wind power generation in Europe also weighed on gas prices.
Across the pond, US gas benchmark Henry Hub also fell, closing 1.3% lower at USD 8.85/MMBtu.
As for crude, prices fell amid new Covid lockdowns in China and surging inflation in the US – driven by rising energy and food prices.
Brent closed 0.9% lower at USD 122.01/barrel, with WTI down 0.7% at USD 120.67/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.