Market Insight
Tony Jordan
13 March 2024

Market Insights 13/03/2024


A fairly flat session in the end following Mondays aggressive start, unwinding the gains seen towards the end of last week.

We seem to have found a new area of comfort for now as we quicky head towards the end of winter delivery with plenty of gas in store. LNG deliveries are still a little up and down but there remains a constant flow of arrivals.

Yesterday saw the TTF Front Month contract settle at €24.78 (from €24.93) and the NBP Front Month contract at 62.50p (from 62.37p).

No unplanned outage this morning and we see a flow level at 332mcm (337). Russian nominations showing Velke Kapusany at 39.5mcm (39.8) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 60.34% 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 €25, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €25, Front Season €25 (vs €25 and €25)
Curve NBP Front Month 63p, Front Season 62p (vs 62p and 63p)
UK Gas NBP spot 63p (from 71p)
UK Power DA £59 (from £66)

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

In other areas of the market Brent Oil is at $82 ($82) and EUAs are at €57 (€56). Henry Hub is at $1.71 ($1.76) and JKM is at $8.47 ($8.47) with TTF Equiv of $7.93 ($7.99).

Numbers in brackets show the previous reports value.