Market Insight
Tony Jordan
21 March 2024

Market Insights 21/03/2024


A bearish session seen yesterday after a few bullish ones towards the end of last week and then a flat one on Tuesday.

As said yesterday, the fundamental outlook remains unchanged of late and so the market seems to have found an area of comfort to trade in, reacting upwards when there is potential concerning news (such as ship attacks in the Red Sea) or lowering when there is little news reported and the outlook generally looks favourable for the months ahead.

Yesterday saw the TTF Front Month contract settle at €27.74 (from €28.87) and the NBP Front Month contract at 71.38p (from 73.70p).

No unplanned outage this morning and we see a flow level at 337mcm (332). Russian nominations showing Velke Kapusany at 40.5mcm (40.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 59.39% 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 €27, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €27, Front Season €28 (vs €28 and €29)
Curve NBP Front Month 71p, Front Season 70p (vs 73p and 72p)
UK Gas NBP spot 68p (from 77p)
UK Power DA £68 (from £77)

UK power prices show the UK Front Month Baseload contract at £65 (£66) and Front Season at £65 (£66).

In other areas of the market Brent Oil is at $86 ($87) and EUAs are at €61 (€61). Henry Hub is at $1.70 ($1.74) and JKM is at $9.57 ($9.90) with TTF Equiv of $8,83 ($9.19).

Numbers in brackets show the previous reports value.