Market Insight
Tony Jordan
28 February 2024

Market Insights 28/02/2024


A further bit of upside seen in yesterdays session as the market looks to bounce when testing those prices levels seen last week as we approach the month end and enter the final month of ‘winter’ delivery.

Yesterday saw the TTF Front Month contract settle at €24.39 (from €24.01) and the NBP Front Month contract at 60.60p (from 59.30p).

Skarv is on unplanned outage this morning and we see a flow level at 339mcm (343). Russian nominations showing Velke Kapusany at 40.6mcm (40.6) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 63.48% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 5.

This morning we see the Front Month TTF contract at €25, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €25, Front Season €25 (vs €24 and €24)
Curve NBP Front Month 61p, Front Season 61p (vs 59p and 60p)
UK Gas NBP spot 62p (from 62p)
UK Power DA £60 (from £61)

UK power prices show the UK Front Month Baseload contract at £59 (£58) and Front Season at £56 (£57).

In other areas of the market Brent Oil is at $84 ($83) and EUAs are at €56 (€54). Henry Hub is at $1.81 ($1.66) and JKM is at $8.22 ($8.30) with TTF Equiv of $7.76 ($7.64).

Numbers in brackets show the previous reports value.