European gas prices slumped on Friday, with warmer weather and technical selling driving the decline.
The front-month TTF and NBP contracts fell from a three-month high on Thursday to settle 6.2% and 5.8% lower respectively on Friday. Forecasts of warmer weather and technical selling were the reasons for the fall, with TTF and NBP settling at the equivalent of USD 7.07/MMBtu.
The European carbon price fell from a record high on Thursday, with slumping gas prices partly behind the fall. The carbon price settled 0.3% lower at EUR 46.86/tonne on Friday.
As for JKM, the Asian LNG marker fell by 4.1% to settle at USD 8.2/MMBtu to end the week.
In the US, Henry Hub remained in the USD 2.7/MMBtu range despite falling by 0.7% on Friday.
Crude prices continued to rally, with the front-month Brent and WTI contracts recording gains of over 1%. The rally was prompted by hopes of a recovery in crude demand in the US and Europe amid stronger-than-expected manufacturing data from both regions.
The gains saw the front-month Brent contract push into the USD 66/barrel range and WTI return to the USD 62/barrel range.
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.