Market Insight
Tony Jordan
14 March 2024

Market Insights 14/03/2024


Another flat session yesterday with little movement overall as we seem to have found a holding area for now.

No change to the overall outlook in terms of the fundamentals. Temperatures holding steady and plenty of gas held in store to get us underway for the injection season starting in a couple of weeks time.

Yesterday saw the TTF Front Month contract settle at €24.90 (from €24.78) and the NBP Front Month contract at 62.40p (from 62.50p).

No unplanned outage this morning and we see a flow level at 338mcm (332). Russian nominations showing Velke Kapusany at 39.9mcm (39.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 60.09% 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 62p, Front Season 62p (vs 63p and 62p)
UK Gas NBP spot 61p (from 63p)
UK Power DA £60 (from £59)

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

In other areas of the market Brent Oil is at $84 ($82) and EUAs are at €56 (€57). Henry Hub is at $1.66 ($1.71) and JKM is at $8.48 ($8.47) with TTF Equiv of $7.99 ($7.93).

Numbers in brackets show the previous reports value.