22
Dec
2020

Pricewatch | 22 Dec 2020 | Gas Matters Today

Markets, International

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Oil prices tumbled on Monday as a new strain of Covid-19 found in the UK raised concerns of a hit to crude demand. Several regions in the UK have been placed under the strictest lockdown measures, with many European nations banning flights from the UK. The front-month Brent price hit a low of USD 49.20/barrel during trading on Monday and closed 2.6% lower day-on-day to settle at USD 50.91/barrel. WTI also fell by over USD 1 to settle at USD 47.97/barrel.

European gas prices staged a recovery amid an unplanned outage at a gas field in Norway and strong gas-fired power demand. Month-ahead UK NBP and Dutch TTF both increased by 5.7% to close at the equivalent of USD 6.56/MMBtu and USD 6.02/MMBtu, respectively. US gas benchmark Henry Hub recorded a marginal gain, with Asian spot LNG marker JKM surging by 4% to settle at USD 10.05/MMBtu.

The European carbon price continued to fall, with ICE’s front month EU allowance (EUA) contract closing 0.6% lower to settle at EUR 30.76/tonne.

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 reserved.

Contact the editor:

Eric Thorp
[email protected]

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