Pricewatch l 31 Jul 2023 I Gas Matters Today

European gas prices saw another decline on Friday, as bearishness ensued on the market with the return of more optimal temperatures to the wildfire-ravaged south of the continent.

Milder weather forecasts for Southern Europe following several weeks of intense heatwaves and solid renewable output added to the downside.

Gas prices saw their third-consecutive daily decline on Friday, with TTF down 9.1% in Euro per megawatt hour terms to EUR 25.84/MWh. Due to the change in the USD/EUR FX rates, this translated into a 0.3% rise to USD 8.36/MMBtu.

Meanwhile, NBP saw a 9.1% fall in its native currency and settled at USD 8.19/MMBtu.

The Henry Hub in the US, on the other hand, rose by 5.9% propelled by record heat and surging cooling demand. The front-month price settled at USD 2.64/MMBtu.

Front-month futures and indexes at last close with day-on-day changes (click to enlarge): [1] 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.