Pricewatch | 25 Apr 2023 | Gas Matters Today

The gas market in Europe remains driven by market fundamentals, with TTF briefly trading at its lowest level in the last month on Monday.

Concerns about next winter faded into the background yesterday, as plentiful supplies weighed on sentiment and the benchmark Dutch TTF front-month contract traded at a month-low at EUR 39.10/MWh.

But the pressure subsided slightly, as the contract settled 1.2% lower at EUR 39.93/MWh, or USD 12.90/MMBtu. In the UK, NBP was down 0.6% to USD 11.87/MMBtu.

Meanwhile, the JKM stopped to take a breather on Monday, with the front-month contract flat at USD 11.88/MMBtu.

Henry Hub in the US rose nearly 2% to USD 2.27/MMBtu, as the forecast continuation of chilly weather into early May is providing support to the gas market, which is abundant both in terma of production and underground storage.

Crude prices settled higher on Monday, boosted by investors’ optimism that holiday travel in China would up fuel demand in the world's largest oil importer, Reuters said.

Brent rose 1.3% to USD 82.73/barrel, while WTI settled 1.1% higher at USD 78.76/barrel.

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.