Market Insight
Tony Jordan
19 March 2024

Market Insights 19/03/2024


Another aggressive uptick in yesterdays session as Far Eastern demand for LNG appears to be increasing in recent days.

Asian market prices have been rising steadily in recent sessions and European markets have rallied to compete.

Yesterday saw the TTF Front Month contract settle at €28.82 (from €27.03) and the NBP Front Month contract at 73.26p (from 68.01p).

No unplanned outage this morning and we see a flow level at 321mcm (343). Russian nominations showing Velke Kapusany at 40.2mcm (39.5) and Sudzha at 42.4mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 59.67% 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 €29, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €29, Front Season €29 (vs €29 and €27)
Curve NBP Front Month 73p, Front Season 72p (vs 68p and 67p)
UK Gas NBP spot 75p (from 68p)
UK Power DA £69 (from £67)

UK power prices show the UK Front Month Baseload contract at £66 (£63) and Front Season at £67 (£63).

In other areas of the market Brent Oil is at $87 ($85) and EUAs are at €61 (€59). Henry Hub is at $1.70 ($1.66) and JKM is at $9.88 ($9.40) with TTF Equiv of $9.19 ($8.63).

Numbers in brackets show the previous reports value.