Pricewatch l 03 Aug 2023 I Gas Matters Today

European gas prices rebounded on Wednesday, as short-term supply issues emerged amid an outage at the large Norwegian Troll gas field.

Apart from the Troll field outage, the outlook is still bearish for the coming months, said Energi Danmark, adding: “The storages will likely be filled during autumn which means that the contracts for these months are trading very low, whereas the winter and 2024 contracts are still noticeably higher.”

NBP advanced 6% to USD 9.17/MMBtu, while TTF saw a 5.7% rise to USD 9.21/MMBtu.

In the US, Henry Hub finished the day on a lower note for the third day in a row, down 3.2% to USD 2.48/MMBtu. Thursday’s weekly EIA storage report is expected to see a rather small, bullish injection compared to the average, but it would still be enough to put total inventories above normal levels this time of year.

Crude settled lower on Tuesday, as the US government withdrew an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, outweighing the new data of US stocks dropping to a historic low, Reuters reported.

Brent settled 2% lower at USD 83.2/barrel and WTI fell 2.3% to USD 79.49/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.