2023-08-11 06:01:00
The Dutch TTF futures contract, considered the European benchmark, lost 5.73% to end at 37.54 euros per megawatt hour (MWh), not far from its highest price in almost two months.
European natural gas prices caught their breath on Thursday following their surge the day before, pushed by threats of strikes in Australia at major gas installations, while oil prices fell. The Dutch TTF futures contract, considered the European benchmark, lost 5.73% to end at 37.54 euros per megawatt hour (MWh), not far from its highest price in almost two months.
The previous day, the TTF jumped more than 28%, its biggest single-session rise since the explosion in gas prices in early 2022 caused by the start of the war in Ukraine and fears of gas supply interruptions. Russian from the European continent. Prices were boosted by the announcement of a call for a strike at the Woodside liquefied natural gas (LNG) offshore platforms in Western Australia, which alone provide more than 10% of the world’s supply of LNG every month. Employees of the American Chevron might also join the movement.
OPEC production drop of nearly 900,000 barrels per day in July
On the oil side, the two global benchmarks fell on Thursday, caught between disappointing economic data from China, supply cuts from exporting countries and continued US inflation. “This may mean that interest rates will remain high for some time, which might temper energy demand,” commented Andy Lipow of Lipow Oil Associates. The barrel of Brent from the North Sea, for delivery in October, lost 1.31% to 86.40 dollars and its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery in September, fell by 1 .87% to $82.82.
If OPEC production fell by nearly 900,000 barrels per day in July due to drastic cuts by Saudi Arabia, in particular to support prices, brokers observe “that there has been some compensation with increases of production from Venezuela, Iran and Libya”, put Andy Lipow into perspective.
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