Benchmark futures in Europe slipped on Monday after two days of marginal gains, with the end of a short-lived cold spell in sight and as demand continues to be cushioned by healthy stock levels.
TTF declined 0.6% to USD 18.26/MMBtu, while NBP saw a 1.2% fall to USD 17.65/MMBtu.
The downturn was attributed to windier and milder weather forecasts, as the current cold period in western and central Europe will likely end within a few days, said traders at Energi Danmark.
However, Henry Hub saw a rise of 2% on Monday settling at USD 2.46/MMBtu, amidst reports of rising open interest. For now, the prices continue to hang around the USD 2.5/MMBtu level.
Meanwhile, crude prices rose on optimism about recovering demand in China, and on concerns over supply shortages after an earthquake in Turkey and Syria had caused a major oil export terminal in Ceyhan, Turkey to shut for a few days.
Brent saw a 1.3% increase to USD 80.99/barrel, WTI rose 1% to USD 74.11/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.
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