Market Insight
Tony Jordan
22 February 2024

Market Insights 22/02/2024


A fairly flat session seen yesterday with tiny movements across our followed contracts.

Yesterday saw the TTF Front Month contract settle at €23.98 (from €24.17) and the NBP Front Month contract at 59.12p (from 59.29p).

Karsto remains on unplanned outage this morning and we see a flow level at 340mcm (326). Russian nominations showing Velke Kapusany at 40.0mcm (40.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 64.92% 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, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €24, Front Season €24 (vs €24 and €25)
Curve NBP Front Month 59p, Front Season 60p (vs 59p and 60p)
UK Gas NBP spot 60p (from 59p)
UK Power DA £53 (from £53)

UK power prices show the UK Front Month Baseload contract at £56 (£57) and Front Season at £56 (£56).

In other areas of the market Brent Oil is at $83 ($82) and EUAs are at €55 (€54). Henry Hub is at $1.77 ($1.58) and JKM is at $8.30 ($8.37) with TTF Equiv of $7.60 ($7.67).

Numbers in brackets show the previous reports value.