Market Insight
Tony Jordan
20 March 2024

Market Insights 20/03/2024


A flat session seen yesterday after a steady rise in the last few sessions.

No real change to fundamentals with seasonal normal temperatures expected for the weeks ahead, plenty of gas in store and LNG vessels still arriving for the weeks ahead despite increased interest from the Far East market in recent days.

Attacks in the Red Sea continue and as mentioned in a recent report a fuel related ship had been targeted. This is believed to be an LPG tanker.

Yesterday saw the TTF Front Month contract settle at €28.87 (from €28.82) and the NBP Front Month contract at 73.70p (from 73.26p).

No unplanned outage this morning and we see a flow level at 332mcm (321). Russian nominations showing Velke Kapusany at 40.7mcm (40.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 59.53% 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 €29)
Curve NBP Front Month 73p, Front Season 72p (vs 73p and 72p)
UK Gas NBP spot 77p (from 75p)
UK Power DA £77 (from £69)

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

In other areas of the market Brent Oil is at $87 ($87) and EUAs are at €61 (€61). Henry Hub is at $1.74 ($1.70) and JKM is at $9.90 ($9.88) with TTF Equiv of $9.19 ($9.19).

Numbers in brackets show the previous reports value.