Pricewatch | 01 Mar 2022 | Gas Matters Today

European gas prices staged a recovery on Monday as market participants weighed up the potential impact of Western sanctions on gas flows from Russia.

The front-month TTF contract close at the equivalent of USD 32.43/MMBtu, with the UK marker NBP settling at the equivalent of USD 31.91/MMBtu.

The rally was pinned on market participants weighing up the potential impact of Western sanctions on gas flows from Russia.

However, flows from Russia remained largely flat on Monday compared to Friday. Pipeline volumes totalled 247 MMcm/d, with flows on Friday standing at 248 MMcm/d, according to EnergyScan.

In the US, natural gas marker Henry Hub dipped 1.5% to settle at USD 4.4/MMBtu. Asian LNG marker JKM closed 1.6% higher at USD 27.95/MMBtu.

Russia’s invasion of Ukraine, coupled with tightening sanctions, helped lift crude prices. Brent recorded a minor gain to settle at USD 97.97/barrel, with WTI up 4.5% to settle at USD 95.72/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.