Market Insight
Tony Jordan
8 March 2024

Market Insights 08/03/2024


Another downward movement seen in yesterdays session.

The temperature outlooks show some warmer levels until the end of March but then dipping below seasonal normal throughout April in the latest long term runs.

Yesterday saw the TTF Front Month contract settle at €25.99 (from €26.57) and the NBP Front Month contract at 65.30p (from 66.47p).

No unplanned outage this morning and we see a flow level at 347mcm (346). Russian nominations showing Velke Kapusany at 40.0mcm (39.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.30% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 3.

This morning we see the Front Month TTF contract at €26, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €26, Front Season €26 (vs €26 and €27)
Curve NBP Front Month 65p, Front Season 65p (vs 66p and 67p)
UK Gas NBP spot 68p (from 67p)
UK Power DA £62 (from £69)

UK power prices show the UK Front Month Baseload contract at £61 (£63) and Front Season at £62 (£62).

In other areas of the market Brent Oil is at $83 ($83) and EUAs are at €59 (€59). Henry Hub is at $1.82 ($1.93) and JKM is at $8.40 ($8.42) with TTF Equiv of $8.34 ($8.51).

Numbers in brackets show the previous reports value.