Market Insight
Tony Jordan
19 February 2024

Market Insights 19/02/2024

DAILY MARKET REPORT – 19/02/2024

A slight dip to end the week in Fridays session, undoing the tiny gains seen on Thursday.

A warm week expected this week, before temperatures are expected to dip to and just below seasonal normal for the remaining days of the month.

Friday saw the TTF Front Month contract settle at €24.82 (from €24.97) and the NBP Front Month contract at 60.56p (from 61.10p).

No unplanned outage this morning and we see a flow level at 340mcm (315). Russian nominations showing Velke Kapusany at 38.0mcm (39.3) and Sudzha at 40.6mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 65.43% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 4.

This morning we see the Front Month TTF contract at €24, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €24, Front Season €25 (vs €25 and €26)
Curve NBP Front Month 61p, Front Season 62p (vs 61p and 62p)
UK Gas NBP spot 53p (from 60p)
UK Power DA £57 (from £61)

UK power prices show the UK Front Month Baseload contract at £57 (£58) and Front Season at £57 (£58).

In other areas of the market Brent Oil is at $83 ($83) and EUAs are at €57 (€58). Henry Hub is at $1.61 ($1.58) and JKM is at $8.57 ($8.59) with TTF Equiv of $7.84 ($7.88).

Numbers in brackets show the previous reports value.