Market Insight
Tony Jordan
8 February 2024

Market Insights 08/02/2024


A muted session yesterday with a small decline in prices.

It was reported yesterday that the Swedish investigation into the Nord Stream AG explosions had concluded, with the evidence collected handed over to the German investigators. Denmark also have an active investigation ongoing.

Yesterday saw the TTF Front Month contract settle at €28.19 (from €28.61) and the NBP Front Month contract at 69.98p (from 70.09p).

Troll remains on unplanned outage this morning and we see a flow level at 321mcm (327). Russian nominations showing Velke Kapusany at 39.2mcm (39.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 68.29% 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 €28, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €28, Front Season €29 (vs €28 and €29)
Curve NBP Front Month 70p, Front Season 70p (vs 70p and 71p)
UK Gas NBP spot 70p (from 70p)
UK Power DA £70 (from £75)

UK power prices show the UK Front Month Baseload contract at £64 (£66) and Front Season at £63 (£65).

In other areas of the market Brent Oil is at $79 ($79) and EUAs are at €62 (€64). Henry Hub is at $1.97 ($2.01) and JKM is at $9.45 ($9.47) with TTF Equiv of $8.90 ($902).

Numbers in brackets show the previous reports value.