Revised weather forecasts in the US saw a slight revival in Henry Hub prices to USD 2.52/MMBtu, up 2.6% on Tuesday's lows. Cooler than normal temperatures are now expected across the central, southern and eastern states until mid-April.
On the inverse, European gas prices softened after a brief spike, with TTF futures down 2.2% to USD 6.72/MMBtu. In the UK, NBP fell 2.7% to USD 6.60/MMBtu, a trend that could be continued by the release today of National Grid’s Summer Gas Outlook, which predicts sufficient supplies over the summer months.
Oil also rallied slightly, correcting a large drop on Monday, with both Brent and WTI up 0.7% to USD 63.16/bbl and USD 59.77/bbl respectively.
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.