European gas falls on strong supply outlook

European gas prices fell on Friday amid expectations of ample supply.

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The front-month Dutch TTF and the month-ahead UK NBP contracts rolled over into the March contract on Friday, with the NBP contract falling 8.8% on the final closing price of the February-dated contract. The March-dated TTF contract fell 5.1% on the closing price of February-dated contract.

US natural gas benchmark Henry Hub continued to fall, with the month-ahead contract settling 3.8% lower to close in the USD 2.5/MMBtu range for the first time since 19 January.

CME’s JKM futures contract showed a marginal gain of 0.2%.

Crude prices were once again largely unchanged. The month-ahead WTI contract closed 0.3% lower, remaining in the USD 52/barrel range. The front-month Brent contract closed 0.6% higher, remaining in the USD 55/barrel range.

The European carbon price fell back into the EUR 32/tonne range for the first time since 20 January after recording a 3% loss.

Source: Gas Strategies

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