14 May 2024
Pricewatch | 16 Feb 2022 | Gas Matters Today
Publication date: 16 February 2022
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European natural gas prices fell to their lowest level since the start of January on Tuesday amid reports of Russia withdrawing troops from the border with Ukraine.
The front-month TTF and NBP contracts fell by over 11% on Tuesday to settle in the USD 23/MMBtu range – marking the lowest close since early January.
Gas prices tumbled on reports of Russia withdrawing some troops from the border with Ukraine – a move which eased fears of a conflict. Russia’s president Vladimir Putin, who met with German chancellor Olaf Scholz on Tuesday, told a news conference that Russia does not want war.
Putin’s words and the troop withdrawal also weighed on crude prices which dipped by over 3% yesterday.
In the US, natural gas benchmark Henry Hub continued to climb, closing 2.6% higher at USD 4.31/MMBtu.
Asian LNG marker JKM mirrored the European gas benchmarks, closing 0.3% lower at USD 24.82/MMBtu.
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.