Market Insight
Tony Jordan
24 January 2024

Market Insights 24/01/2024

DAILY MARKET REPORT – 24/01/2024

A flat session yesterday, ending almost unchanged to where it started.

Whilst this may not seem exciting or interesting, it is a good sign. If we cast our minds back a few years, the current spot prices were ‘normal’ levels during winter months.

We are nearing the end of January with a positive outlook for the remaining weeks of winter in terms of expected temperatures and supply/storage levels. This should help to keep spikes at bay whilst any wider concerns are monitored.

Yesterday saw the TTF Front Month contract settle at €27.23 (from €27.26) and the NBP Front Month contract at 66.75p (from 66.91p).

No unplanned outage this morning and we see a flow level at 345mcm (350). Russian nominations showing Velke Kapusany at 40.7mcm (40.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 73.93% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 11.

This morning we see the Front Month TTF contract at €27, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €27, Front Season €28 (vs €27 and €28)
Curve NBP Front Month 67p, Front Season 68p (vs 67p and 68p)
UK Gas NBP spot 70p (from 67p)
UK Power DA £50 (from £59)

UK power prices show the UK Front Month Baseload contract at £65 (£65) and Front Season at £63 (£62).

In other areas of the market Brent Oil is at $80 ($80) and EUAs are at €63 (€62). Henry Hub is at $2.45 ($2.42) and JKM is at $9.34 ($9.41) with TTF Equiv of $8.65 ($8.70).

Numbers in brackets show the previous reports value.