Market Insight
Tony Jordan
31 January 2024

Market Insights 31/01/2024


An small upward movement in yesterdays session as February trading closed with some colder temperatures expected in the second half of the month.

Today we see a new front month contract which may account for a jump in the values compared to yesterdays report.

Yesterday saw the TTF Front Month contract settle at €29.58 (from €28.17) and the NBP Front Month contract at 72.45p (from 69.48p).

No unplanned outage this morning and we see a flow level at 348mcm (346). Russian nominations showing Velke Kapusany at 40.3mcm (40.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 71.13% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 7.

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 €29)
Curve NBP Front Month 72p, Front Season 74p (vs 69p and 71p)
UK Gas NBP spot 73p (from 72p)
UK Power DA £64 (from £70)

UK power prices show the UK Front Month Baseload contract at £68 (£66) and Front Season at £63 (£63).

In other areas of the market Brent Oil is at $83 ($82) and EUAs are at €64 (€62). Henry Hub is at $2.08 ($2.05) and JKM is at $9.48 ($9.39) with TTF Equiv of $9.41 ($8.92).

Numbers in brackets show the previous reports value.