Pricewatch l 01 Jun 2023 I Gas Matters Today

Only Subscribers can read the full Article

European gas prices spiked on Thursday after Equinor announced a production halt at its Hammerfest LNG export terminal.

As a result, NBP surged 8.9% to USD 7.87/MMBtu, and TTF rose 8.1% to USD 8.38/MMBtu.

The market has reacted sharply to the shut in of the facility after the detection of a leak at the Melkoya-island-based plant in the Arctic. The leak was detected only days after repairs were completed on a separate issue that kept the plant offline for the month of May.

As of Thursday morning, Equinor said the leak has been contained, but that it was too soon to say when production would resume.

Meanwhile, spot prices for LNG in Asia fell 0.9% to USD 9.29//MMBtu, therefore continuing to trade at a consistent premium over the European benchmark.

Henry Hub saw its front-month price slip 2.6% to USD 2.27/MMBtu, under pressure from steady production and modest demand.  

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.

Contact the editor:

Jana Sutenko
[email protected]

Subscription Benefits

Our three titles – LNG Business Review, Gas Matters and Gas Matters Today – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.

LNG Business Review

LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.

Gas Matters

Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.

Gas Matters Today

Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.

Did you know that your Internet Explorer Browser is out of date?

Your MS Internet Explorer browser is out of date, and will not be fully compatible with our website. For best browsing experience we recommend that you upgrade your IE browser to a more recent version or use an alternative, more recent browser.