Market Insight
Tony Jordan
3 April 2024

Market Insights 03/04/2024


A bearish start to the month as we saw prices fall across the board in yesterdays session.

EU gas storage sites will now start to look towards injections in readiness for next winter with an impressive 59% of capacity already in store. EU rules state that it must reach 90% by November. Last year that marker was reached by mid August, having started around 56%, so this year should be a similar time frame.

Yesterday saw the TTF Front Month contract settle at €26.20 (from €27.34) and the NBP Front Month contract at 64.68p (from 68.05p).

No unplanned outage this morning and we see a flow level at 342mcm (344). Russian nominations showing Velke Kapusany at 40.0mcm (39.2) and Sudzha at 42.4mcm (40.2). Nord Stream remains unavailable. EU gas storage showing at 58.71% 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 €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 €31 (vs €26 and €32)
Curve NBP Front Month 65p, Front Season 81p (vs 68p and 83p)
UK Gas NBP spot 63p (from 70p)
UK Power DA £59 (from £67)

UK power prices show the UK Front Month Baseload contract at £55 (£59) and Front Season at £75 (£77).

In other areas of the market Brent Oil is at $89 ($87) and EUAs are at €59 (€62). Henry Hub is at $1.86 ($1.76) and JKM is at $9.47 ($9.54) with TTF Equiv of $8.28 ($8.65).

Numbers in brackets show the previous reports value.