The backwardation continued to narrow
European gas prices were almost stable on the spot and the two front months yesterday as ongoing strong LNG sendouts and profit taking continued to…
Brent 1st-nearby prices posted a $4/b gain yesterday. WTI prices did about the same. They respectively ended the day above $64.5/b and $61.2/b, therefore erasing their losses of the previous day. The main reason was the Suez canal still blocked by a giant ship that has deviated from its course for unclear reasons. Then, the release of the weekly EIA report in the US showed a new rise in inventories but normalization in demand from refineries as well, therefore pushing prices higher.
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