Pricewatch | 14 Feb 2022 | Gas Matters Today

Oil and gas prices increased on Friday amid escalating fears of an invasion of Ukraine by Russia, with crude hitting its highest level since late 2014.

The April-dated Brent contract closed 3.3% higher at USD 94.44/barrel on Friday, marking the benchmark’s highest close since October 2014. WTI also closed over 3% higher at USD 93.1/barrel.

Fears of an invasion of Ukraine have increased in recent days, with the US and UK advising its nationals to leave Ukraine.

Fears of a conflict, coupled with lower gas flows from Russia, helped lift gas prices, with European markers TTF and NBP closing 3.4% and 4% higher respectively on Friday. The Dutch gas benchmark settled at USD 25.88/MMBtu – USD 0.6/MMBtu higher than the UK marker.

The rally pushed the European carbon price higher, with the February-dated EUA contract settling 2.3% higher at EUR 92.47/tonne.

In the US, natural gas benchmark Henry Hub closed 0.5% lower at USD 3.94/MMBtu.

Asian LNG marker JKM also fell, closing 0.9% lower at USD 24.57/MMBtu.

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.