29 April 2024
Pricewatch | 29 Oct 2020 | Gas Matters Today
Publication date: 29 October 2020
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Crude oil prices yesterday thudded to a five-month low on fears of imminent lockdowns and other tighter measures to control soaring Covid-19 infection rates around the world, combined with rising US inventories due to soft fuel demand. Brent sank 5% and WTI lost 5.5% to close at USD 39.12/barrel and USD 37.39/barrel, respectively. Month-ahead Brent has not settled this low since 1 June 2020, when it hit USD 38.32/barrel.
CME’s December-dated JKM futures contract fell further in yesterday’s session, closing down 0.7% at USD 6.95/MMBtu to erase most of the last three sessions’ gains. US gas benchmark Henry Hub fell 0.8% to USD 3.00/MMBtu, while European gas hubs NBP and TTF both fell by around 1.6% to settle at the equivalent of USD 5.39/MMBtu and USD 4.99/MMBtu.
The European carbon price fell further into bearish territory, as month-ahead ETS allowance (EUA) futures lost 4.3% to close at EUR 23.03/tonne – a price not seen since 16 June 2020.
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.