15 May 2024
Pricewatch | 17 Feb 2023 | Gas Matters Today
Publication date: 17 February 2023
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Natural gas prices fell in Thursday’s trading both in Europe and the US, although fluctuations remained limited on abundant stock levels.
NBP saw a 5.7% decline to USD 15.56/MMBtu while TTF was down 5% to USD 16.28/MMBtu. The JKM was virtually flat for the third day in a row.
European gas stocks were 64.8% full as of 15 February, leaving Europe immune to any potential sudden drops in temperatures this winter. However, the prospects of another cold snap before the start of the calendar spring look miniscule.
In the US, Henry Hub declined 3.3% to USD to 2.39/MMBtu, following a government inventory report that reminded of the demand weakness that permeated the US market through early 2023. The EIA reported a withdrawal of 100 Bcf of natural gas from storage for the week ended 10 February, which was within the range of expectations but, as has been the case this year, notably below historic averages.
Crude oil was relatively stable on Thursday on continued signals of Chinese demand recovery and a build-up in US crude stockpiles. Brent fell 0.3% to USD 85.14/barrel and the WTI saw a 0.1% downtick to USD 78.49/barrel.
Front-month futures and indexes at last close with day-on-day changes (click to enlarge):
[2] 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.