Pricewatch | 17 Apr 2023 | Gas Matters Today

The European gas market edged down for a second straight session on Friday, as temperatures in northern Europe are set to improve following a cold start to the spring.

The start of northern Europe’s spring has proven to be cold, but the weather looks set to get warmer. This is bearish for the market as it increases the chance that Europe will manage to fill up gas storages ahead of next winter, said Energi Danmark in its latest morning report.

NBP reported a 3.2% decline to USD 12.22/MMBtu, while TTF saw a 2.9% fall to USD 13.24/MMBtu.

In the US, Henry Hub regained some of the losses seen earlier in the week, surging 5.3% to USD 2.11/MMBtu. The bounce back is expected to be short-lived, as in the next two days, most of the US will have comfortable spring temperatures.

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.