17 May 2024
Pricewatch | 02 Sep 2022 | Gas Matters Today
Publication date: 02 September 2022
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Oil prices slumped to their lowest level since 16 August on Thursday, with the loss pinned on China implementing new Covid lockdown measures.
Brent and WTI fell by over 3% on Thursday, with the international benchmark closing at USD 92.36/barrel and the US benchmark settling at USD 86.61/barrel.
Demand concerns have pulled crude lower this week, with the recent losses pinned on China introducing new Covid lockdown measures. Inflation, recession fears and concerns of higher interest rates have also stoked demand concerns.
As for gas, prices in Europe ticked higher, with Dutch marker TTF closing 0.1% higher and NBP settling 4.4% higher day-on-day.
Asian LNG marker JKM posted the largest gains on Thursday, settling over USD 5/MMBtu higher at USD 59.16/MMBtu. The result reduced TTF’s premium to USD 11.68/MMBtu, however JKM’s premium over NBP widened to USD 3.36/MMBtu.
In the US, gas benchmark Henry Hub continued to climb, closing 1.5% higher at USD 9.26/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.