European natural gas prices fell to their lowest level since the start of January on Tuesday amid reports of Russia withdrawing troops from the border with Ukraine.
The front-month TTF and NBP contracts fell by over 11% on Tuesday to settle in the USD 23/MMBtu range – marking the lowest close since early January.
Gas prices tumbled on reports of Russia withdrawing some troops from the border with Ukraine – a move which eased fears of a conflict. Russia’s president Vladimir Putin, who met with German chancellor Olaf Scholz on Tuesday, told a news conference that Russia does not want war.
Putin’s words and the troop withdrawal also weighed on crude prices which dipped by over 3% yesterday.
In the US, natural gas benchmark Henry Hub continued to climb, closing 2.6% higher at USD 4.31/MMBtu.
Asian LNG marker JKM mirrored the European gas benchmarks, closing 0.3% lower at USD 24.82/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.
Subscription Benefits
Our three titles – LNG Business Review, Gas Matters and Gas Matters Today – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.
LNG Business Review
LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.
Gas Matters
Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.
Gas Matters Today
Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.
Related Stories
-
15Feb2022Pricewatch | 15 Feb 2022 | Gas Matters Today
14Feb2022Pricewatch | 14 Feb 2022 | Gas Matters Today
11Feb2022Pricewatch | 11 Feb 2022 | Gas Matters Today