Pricewatch | 21 Sep 2022 | Gas Matters Today

Only Subscribers can read the full Article

European gas benchmarks TTF and NBP rebounded on Tuesday, with prices lifted by supply concerns triggered by fears over an escalation in the war in Ukraine.

UK gas marker NBP closed 11.7% higher day-on-day, settling at the equivalent of USD 35.96/MMBtu, with the Dutch marker TTF up 6.5% to close at USD 56.9/MMBtu.

The rally was pinned on fears of an escalation in the war in Ukraine, which could impact Russian pipeline flows to Europe.  

Fears of a potential escalation in the conflict were confirmed on Wednesday when Russian President Vladimir Putin made a TV address, confirming the mobilisation of reservists. Putin also warned the West that Russia “has various weapons of destruction”.

Following Putin’s address, Russia’s defence minister Sergei Shoigu confirmed 300,000 reservists would be mobilised.

US gas benchmark Henry Hub continued to fall, closing 0.5% lower at USD 7.72/MMBtu.

Asian LNG marker JKM dipped as the front-month contract rolled over to November. The marker fell 19.1% compared to the close of the October contract on Tuesday, with the November contract closing at USD 43.29/MMBtu.

As for crude, prices failed to maintain momentum, with prices pulled lower by a strong US dollar and expectations of interest rate hikes in the US.

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.

Did you know that your Internet Explorer Browser is out of date?

Your MS Internet Explorer browser is out of date, and will not be fully compatible with our website. For best browsing experience we recommend that you upgrade your IE browser to a more recent version or use an alternative, more recent browser.