2 May 2024
Pricewatch | 08 Sep 2022 | Gas Matters Today
Publication date: 08 September 2022
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European natural gas values dipped to their lowest in almost a month on Wednesday as politicians ready regional market intervention measures to tackle the energy crisis.
The weakening in European natural gas prices comes despite the fact that no gas is currently flowing from Russia via Nord Stream 1, with the Kremlin putting the blame for Portovaya turbine fault on western sanctions.
The EU on Friday will discuss plans of market intervention to ease the mounting pressure of surging energy prices. Among the main proposals is a price cap on Russian gas imports – possibly including LNG.
The UK gas marker NBP saw a 6.3% dip day on day to USD 46.34/MMBtu, why the Dutch benchmark TTF plunged 11% to USD 62.31/MMBtu. Prices were easing across the pond, too, with US natural gas benchmark Henry Hub’s front-end contract had a 4% fall to USD 7.84/MMBtu.
Meanwhile, oil prices settled lower on Wednesday to levels last seen in January, prior to Russia’s invasion of Ukraine, as wave of new Covid-19 restrictions in China keeps demand outlook weak.
Brent futures ended at USD 88/barrel, 5% down day on day, with the settled price falling below USD 90/barrel since early February. WTI crude settled 5% down to USD 81.94/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.