Pricewatch | 21 Feb 2023 | Gas Matters Today

European natural gas prices made an upwards correction on Monday after dropping to relatively low levels last week.

NBP was up 2.6% to USD 14.91/MMBtu on Monday, while TTF saw a 1.8% increase to USD 15.62/MMBtu.

Over the weekend, Europe received some colder and less windy weather forecasts, which signals a possibility of higher gas demand, according to Energi Danmark’s morning report.

But a long-lasting uptrend even in an event of a cold snap is ruled out, as storage remains above five-year average levels, at 64% as of 19 February, GIE reported.

Meanwhile, crude rose 1%, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply, Reuters reported.

Brent rose 1.3% to USD 84.07/barrel and WTI was up 1.2% to USD 77.29/barrel.

There was no update to Henry Hub, JKM, API2 Coal and US Gulf Coast LNG  prices on Monday due to a public holiday observed in the US on 20 February.

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.