Markets rallied after a dip earlier in the week, with gains across the board. After last week’s warmer weather, front month TTF futures rose by 3.5% to USD 6.87/MMBtu due to a persistent cold snap over the Easter weekend that looks unlikely to shift in the short term. Front month NBP futures painted a similar picture, up 3.3% to USD 6.78/MMBtu, offset marginally by several impending LNG deliveries to UK ports.
The exception was Henry Hub, which dipped to USD 2.46/MMBtu, its lowest point this year, as a result of the warmer-than-usual temperatures anticipated across much of the US.
Meanwhile oil prices recovered slightly after taking a hit on the back of US-Iranian nuclear talks starting up in Vienna. Brent and WTI both rose, by 0.9% and 1.2% respectively, to USD 62.74/bbl and USD 59.33/bbl.
European carbon prices hit yet another record high, breaking the EUR 44/t mark for the first time as traders returned from the Easter break.
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.