Market Insight
Tony Jordan
26 February 2024

Market Insights 26/02/2024


Some small further downside seen to end the week as we edge closer towards the end of the winter delivery period with impressive levels of storage still being held and a temperature outlook that remains relatively close to seasonal normal.

Later today we will launch our new YouTube channel where we initially release a video series taking a look at the Ofgem Price Cap. This has become a topical subject once again following last weeks latest announcement of the April cap. Look out for that later on.

Friday saw the TTF Front Month contract settle at €22.93 (from €23.19) and the NBP Front Month contract at 56.46p (from 57.30p).

No unplanned outage this morning and we see a flow level at 345mcm (340). Russian nominations showing Velke Kapusany at 38.7mcm (40.5) and Sudzha at 41.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 64.08% 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 €23, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €23, Front Season €23 (vs €23 and €24)
Curve NBP Front Month 56p, Front Season 57p (vs 57p and 58p)
UK Gas NBP spot 56p (from 56p)
UK Power DA £59 (from £58)

UK power prices show the UK Front Month Baseload contract at £56 (£55) and Front Season at £55 (£56).

In other areas of the market Brent Oil is at $82 ($84) and EUAs are at €52 (€53). Henry Hub is at $1.60 ($1.73) and JKM is at $8.13 ($8.16) with TTF Equiv of $7.28 ($7.35).

Numbers in brackets show the previous reports value.