[MARKET ANALYSIS] Crude prices rebound slightly following Asia-Pac weakness; Nat Gas prices remain elevated
Importance
Level 1
- Crude benchmarks softened in the earlier hours of the Asia-Pac session, following a NY Post report that US President Trump is determined to drive California gas prices down. WTI futures fell from USD 60.85/bbl to a trough of USD 60.17/bbl following the report but has since rebounded slightly as the European session gets underway, however holding below the USD 61/bbl handle. Geopolitical tensions remain in the spotlight, with continued attacks on energy facilities in Ukraine, recently reported by DTEK Power Company.
- Nat Gas prices remain elevated, with Dutch TTF holding above EUR 40/MWh while Henry Hub futures hover near USD 7/MMBtu, as the Arctic storm provides a short-term shock to gas production.
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