Market Insight
Tony Jordan
5 February 2024

Market Insights 05/02/2024


A flat end to the week seen in Fridays session.

This morning we see a bit of a dent in the supply levels with outages on the Norwegian fleet. This will likely cause some upside to creep into markets today with some colder weather inbound later this week.

Friday saw the TTF Front Month contract settle at €29.30 (from €28.99) and the NBP Front Month contract at 71.48p (from 71.25p).

Nyhamna and Troll on unplanned outage this morning and we see a flow level at 290mcm (347). Russian nominations showing Velke Kapusany at 39.5mcm (40.0) and Sudzha at 42.1mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 69.14% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 6.

This morning we see the Front Month TTF contract at €29, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €29, Front Season €30 (vs €29 and €30)
Curve NBP Front Month 71p, Front Season 73p (vs 71p and 73p)
UK Gas NBP spot 75p (from 70p)
UK Power DA £51 (from £59)

UK power prices show the UK Front Month Baseload contract at £68 (£67) and Front Season at £67 (£66).

In other areas of the market Brent Oil is at $77 ($79) and EUAs are at €63 (€62). Henry Hub is at $2.08 ($2.05) and JKM is at $9.46 ($9.46) with TTF Equiv of $9.27 ($9.23).

Numbers in brackets show the previous reports value.