2 May 2024
Pricewatch | 07 Nov 2021 | Gas Matters Today
Publication date: 08 November 2021
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European gas prices bounced back Friday, as sentiment turned pessimistic over Russia delivering on its promise to supply additional volumes of gas into storage facilities in Germany and Austria on 8 November.
The front-month TTF and NBP contracts both rose by 1% day on day, with the UK gas benchmark closing at the equivalent of USD 25.83/MMBtu, while the TTF settled at USD 25.07/MMBtu.
Despite Russian gas flows into Europe via the Yamal pipeline resuming on Thursday, the trading week ended on a note of caution on whether Gazprom will indeed direct more gas to European storage sites on Monday.
Meanwhile, the Asian LNG marker JKM fell further, settling at USD 31.62/MMBtu, or down 39 cents day on day, while the US gas benchmark Henry Hub posted a marginal loss of 9 cents, closing the week at USD 5.62/MMBtu.
On the oil front, prices rebounded on Friday, as news of OPEC and its allies agreeing to stick with its current production quota – raising production by 0.4 million barrels/d monthly through to April 2022 – sunk in.
Brent closed 2.7% higher at USD 82.74/barrel, while the WTI settled 3.1% higher at USD 81.27/barrel.
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.