Market Insight
Tony Jordan
11 March 2024

Market Insights 11/03/2024


A fairly calm session on Friday after a jumpy week in both directions.

Nyhamna is currently on unplanned outage, which may impact the market in the short term, but otherwise things remain unchanged with warmer than seasonal normal temperatures expected this week.

Friday saw the TTF Front Month contract settle at €26.39 (from €25.99) and the NBP Front Month contract at 65.79p (from 65.30p).

Nyhamna on unplanned outage this morning and we see a flow level at 343mcm (347). Russian nominations showing Velke Kapusany at 39.1mcm (40.0) and Sudzha at 42.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 60.71% 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 €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 €27 (vs €26 and €26)
Curve NBP Front Month 66p, Front Season 66p (vs 65p and 65p)
UK Gas NBP spot 69p (from 68p)
UK Power DA £69 (from £62)

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

In other areas of the market Brent Oil is at $82 ($83) and EUAs are at €58 (€59). Henry Hub is at $1.81 ($1.82) and JKM is at $8.46 ($8.40) with TTF Equiv of $8.47 ($8.34).

Numbers in brackets show the previous reports value.