Market Insight
Tony Jordan
26 March 2024

Market Insights 26/03/2024


Another upward session to get the week underway, although remains within the trading zone recently established – which has become an envelope of where the market seems comfortable for now.

The latest long term weather runs show a slightly colder start to April to be expected in the first week, followed by a return to seasonal normal for the remainder of the month.

Yesterday saw the TTF Front Month contract settle at €28.49 (from €27.78) and the NBP Front Month contract at 73.41p (from 71.74p).

No unplanned outage this morning and we see a flow level at 343mcm (346). Russian nominations showing Velke Kapusany at 40.5mcm (39.4) and Sudzha at 42.4mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 59.18% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the Front Month TTF contract at €28, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €28, Front Season €29 (vs €28 and €28)
Curve NBP Front Month 73p, Front Season 72p (vs 72p and 70p)
UK Gas NBP spot 74p (from 73p)
UK Power DA £72 (from £72)

UK power prices show the UK Front Month Baseload contract at £65 (£63) and Front Season at £66 (£64).

In other areas of the market Brent Oil is at $87 ($85) and EUAs are at €65 (€62). Henry Hub is at $1.62 ($1.66) and JKM is at $9.72 ($9.45) with TTF Equiv of $9.05 ($8.80).

Numbers in brackets show the previous reports value.