Pricewatch | 26 Nov 2020 | Gas Matters Today

Energy commodities continued rising across the board on Wednesday albeit mostly at a slower pace, buoyed by ongoing vaccine optimism and growing confidence that US president Donald Trump will leave office in January. Brent crude gained 1.6% to hit USD 48.61/barrel and WTI rose 1.8% to USD 45.71/barrel. Both Brent and WTI were trading down by more than 1% on Thursday morning amid ongoing alarm over rising Covid-19 infection rates dampening near-term fuel demand and rising stockpiles.

European gas hubs UK NBP and Dutch TTF rose by 1.1% and 0.2% to hit the equivalent of USD 5.28/MMBtu and USD 4.86/MMBtu. The indicative Asian LNG price made more strong gains, as CME’s January-dated JKM contract climbed by another 3% to USD 6.95/MMBtu.

US gas benchmark Henry Hub picked up the pace, rising by 4.4% to close the session at USD 2.90/MMBtu, buoyed by cooler weather and record-breaking US LNG exports.

The European carbon price was virtually unchanged, as month-ahead ETS allowance (EUA) futures fell by one euro cent to close yesterday’s session at EUR 27.62/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.