Market Insight
Tony Jordan
17 January 2024

Market Insights 17/01/2024


No significant change to levels across the board yesterday as prices hold at current levels in yesterdays session.

The current cold spell is nearing its end, with warmer temperatures expected next week.

Activity in the Red Sea continues to be a key focus for commercial shipping, with LNG vessels now avoiding the area and instead taking the longer route as mentioned on Monday.

Yesterday saw the TTF Front Month contract settle at €29.66 (from €29.92) and the NBP Front Month contract at 73.52p (from 74.12p).

No unplanned outage this morning and we see a flow level at 350mcm (348). Russian nominations showing Velke Kapusany at 41.1mcm (41.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 78.58% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 8.

This morning we see the Front Month TTF contract at €30, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €30, Front Season €30 (vs €30 and €30)
Curve NBP Front Month 74p, Front Season 73p (vs 74p and 74p)
UK Gas NBP spot 75p (from 74p)
UK Power DA £87 (from £84)

UK power prices show the UK Front Month Baseload contract at £72 (£72) and Front Season at £66 (£66).

In other areas of the market Brent Oil is at $78 ($78) and EUAs are at €66 (€67). Henry Hub is at $2.90 ($3.31) and JKM is at $10.03 ($10.66) with TTF Equiv of $9.47 ($9.61).

Numbers in brackets show the previous reports value.