A continued bearish trend seen in the markets yesterday as the outlook for the coming weeks, in terms of expected temperatures, gave some confidence to the market.
Canada has decided to remove the exception that permitted the repaired turbine to be returned to Germany earlier this year as part of its sanctions package as it no longer serves its purpose. Despite Nord Stream 1 no longer being used due to the damage caused by the explosions, this does mean that any potential future repairs to turbines could be problematic.
Meanwhile Germany are expecting their first temporary floating LNG terminal to be in use in the coming days as it starts to get ready for life without Russian gas flows.
This comes as the EU are apparently now preparing to think about long term energy deals in a joint buying approach as part of their ongoing talks.
Yesterday saw the TTF January contract settle at €131.51 (from €137.53) and the NBP January contract at 324.89p (from 341.32p).
No unplanned outage this morning and we see a flow level at 334mcm from Norway (333). Russian nominations showing Velke Kapusany at 49.8mcm (47.3) and Sudzha at 42.4mcm (42.4). Flows on Nord Stream are now a likely physical impossibility. Gas storage showing at 86.59% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 11.
This morning we see the January TTF contract at €133, UP €1 to the previous settlement.
A quick check on some key contracts:
Curve TTF January €133, Summer €132 (vs €132 and €138)
Curve NBP January 325p, Summer 318p (vs 341p and 336p)
UK Gas NBP spot 335p (from 353p).
UK Power DA £353 (from £361).
UK power prices show the UK January Baseload contract at £339 (£370) and Summer at £290 (£300).
In other areas of the market Brent Oil is at $83 ($81) and EUAs are at €87(€89). Henry Hub is at $6.43 ($6.94) and JKM is at $33.39 ($33.35).