Pricewatch | 22 Feb 2022 | Gas Matters Today

Only Subscribers can read the full Article

European gas prices continued to fall on Monday, however gas and oil prices could rally on Tuesday after Russia ordered troops into eastern Ukraine.

The front-month NBP and TTF contracts closed ~1.5% lower on Monday, with the Dutch marker settling at the equivalent of USD 24.13/MMBtu, USD 0.51/MMBtu higher than the UK gas benchmark.

The slump was pinned on continued strong LNG imports into Europe, with strong wind power generation – denting gas demand in the power sector – also weighing on prices.

European gas prices could settle higher on Tuesday after Russian president Vladimir Putin gave the greenlight for troops to enter two breakaway regions in eastern Ukraine. Russia, which has also recognised Luhansk and Donetsk as independent states, said the troops would be conducting a peacekeeping mission in the breakaway regions.

While gas prices fell, the European carbon price continued to climb, closing 0.3% at EUR 89.03/tonne.

In the oil market, crude prices rallied amid escalating concerns of a conflict in Ukraine. The April-dated Brent contract closed 2% higher at USD 95.39/barrel. WTI settled 0.6% higher at USD 91.59/barrel.

CME’s Henry Hub, JKM and API2 coal contracts remained unchanged on Monday as there was a public holiday 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.

Contact the editor:

Eric Thorp
[email protected]

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.