29 April 2024
Pricewatch | 05 Apr 2022 | Gas Matters Today
Publication date: 05 April 2022
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European gas prices fell further on Monday as fears of Russia cutting supply to Europe eased, with warmer weather also providing downward pressure.
The May-dated TTF and NBP contracts closed 2.8% and 5.1% lower respectively to start the week. The Dutch marker settled at the equivalent of USD 35.29/MMBtu, with the UK gas benchmark closing at the equivalent of USD 32.01/MMBtu.
Prices dipped as concerns over Russian gas supplies eased amid robust flows from Europe’s largest gas supplier. Warmer and windy weather also weighed on gas prices, with 26.7% of Europe’s electricity supplied by wind power generation on Monday, up from 16.5% on Sunday, according to WindEurope.
Across the pond, US gas benchmark Henry Hub recorded a minor loss, closing 0.1% lower at USD 5.71/MMBtu.
Asian LNG marker JKM continued to fall, closing 5% lower at USD 32.95/MMBtu.
Oil prices staged a recovery on Monday amid reports suggesting Europe is weighing up further sanctions against Russia.
The front-month Brent and WTI contracts settled 3% and 4% higher respectively on Monday, with the former closing at USD 107.53/barrel and the US crude benchmark closing at USD 103.28/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.