Market Insight
Tony Jordan
7 March 2024

Market Insights 07/03/2024


A downward day seen yesterday in the end as the market seems to find itself a new envelope to stick close to.

Attacks in the Red Sea area continue which the market will watch with close interest, however it is thought energy related cargoes have already diverted away from the area.

Yesterday saw the TTF Front Month contract settle at €26.57 (from €27.47) and the NBP Front Month contract at 66.47p (from 68.70p).

No unplanned outage this morning and we see a flow level at 346mcm (345). Russian nominations showing Velke Kapusany at 39.4mcm (39.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.61% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the Front Month TTF contract at €26, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €26, Front Season €27 (vs €27 and €28)
Curve NBP Front Month 66p, Front Season 67p (vs 69p and 69p)
UK Gas NBP spot 67p (from 71p)
UK Power DA £69 (from £71)

UK power prices show the UK Front Month Baseload contract at £63 (£64) and Front Season at £62 (£64).

In other areas of the market Brent Oil is at $83 ($82) and EUAs are at €59 (€61). Henry Hub is at $1.93 ($1.96) and JKM is at $8.42 ($8.38) with TTF Equiv of $8.51 ($8.76).

Numbers in brackets show the previous reports value.