24
Dec
2020

Pricewatch | 24 Dec 2020 | Gas Matters Today

Only Subscribers can read the full Article

Oil prices climbed on Wednesday, with the front-month Brent and WTI contracts settling 2% higher on signs of improving demand. US oil inventories fell by 562,000 barrels in the week ending 18 December to stand at ~500 million barrels, according to data from the US Energy Information Administration (EIA), with gasoline stocks falling by more than expected. The news filtered through to the market, with Brent returning to the USD 51/barrel range and WTI hitting USD 48.12/barrel.

Front-month European gas prices fell marginally after settling at near two-year highs on Tuesday. UK NBP closed at the equivalent of USD 6.87/MMBtu with Dutch TTF settling at the equivalent of USD 6.26/MMBtu.

The losses were mirrored on the other side of the Atlantic as US gas benchmark Henry Hub fell by 6.2% to close at USD 2.61/MMBtu. Asian spot LNG marker JKM also fell, settling 2.1% lower to close at USD 10.53/MMBtu.

The European carbon price continued to climb, with ICE’s front month EU allowance (EUA) contract closing 2.5% higher to settle at EUR 31.77/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.

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.