Market Insight
Tony Jordan
28 March 2024

Market Insights 28/03/2024


The end of winter has arrived as we reach the end of March, ahead of a long Easter bank holiday weekend with the clocks also going forward hour.

This means a new front month and season now being reported on, therefore the comparable to the previous days value is not applicable in parts of this report.

The latest weather runs change outlook once again with now not a cold start to April, but a warm one until around a third into the month before it stays close to seasonal normal until mid-May.

Yesterday saw the TTF Front Month contract settle at €27.76 (from €27.13) and the NBP Front Month contract at 69.56p (from 69.14p).

Kollsnes on unplanned outage this morning and we see a flow level at 341mcm (347). Russian nominations showing Velke Kapusany at 40.1mcm (40.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 58.90% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

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 €28, Front Season €32 (vs €28 and €27)
Curve NBP Front Month 70p, Front Season 83p (vs 69p and 69p)
UK Gas NBP spot 69p (from 69p)
UK Power DA £62 (from £62)
* Note new front month and season so comparable to previous day not applicable

UK power prices show the UK Front Month Baseload contract at £62 (£62) and Front Season at £63 (£63).

In other areas of the market Brent Oil is at $86 ($86) and EUAs are at €62 (€62). Henry Hub is at $1.72 ($1.79) and JKM is at $9.40 ($9.58) with TTF Equiv of $8.81 ($8.61).

Numbers in brackets show the previous reports value.