Market Insight
Tony Jordan
22 March 2024

Market Insights 22/03/2024


Another bearish session which in effect cancels out much of the gains seen since this time last week.

The latest long term temperature forecasts show a seasonal normal April to be expected after a few colder days to end March.

Yesterday saw the TTF Front Month contract settle at €26.40 (from €27.74) and the NBP Front Month contract at 68.37p (from 71.38p).

No unplanned outage this morning and we see a flow level at 340mcm (337). Russian nominations showing Velke Kapusany at 39.7mcm (40.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 59.29% 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 €26, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €26, Front Season €27 (vs €26 and €28)
Curve NBP Front Month 68p, Front Season 67p (vs 71p and 70p)
UK Gas NBP spot 70p (from 68p)
UK Power DA £52 (from £68)

UK power prices show the UK Front Month Baseload contract at £61 (£65) and Front Season at £62 (£65).

In other areas of the market Brent Oil is at $86 ($86) and EUAs are at €59 (€61). Henry Hub is at $1.68 ($1.70) and JKM is at $9.29 ($9.57) with TTF Equiv of $8,40 ($8.83).

Numbers in brackets show the previous reports value.