Market Insight
Tony Jordan
4 April 2024

Market Insights 04/04/2024


A further small bit of downside seen in yesterdays session as the market continues to hold steady in the zone it appears to have found comfort in for some time now.

With a steady fundamentals outlook, this may continue for the weeks ahead with sessions showing small rises and falls but maintaining and overall flat zone.

Yesterday saw the TTF Front Month contract settle at €25.56 (from €26.20) and the NBP Front Month contract at 63.14p (from 64.68p).

No unplanned outage this morning and we see a flow level at 340mcm (342). Russian nominations showing Velke Kapusany at 41.6mcm (40.0) 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 3.

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 €31)
Curve NBP Front Month 63p, Front Season 80p (vs 65p and 81p)
UK Gas NBP spot 63p (from 63p)
UK Power DA £61 (from £59)

UK power prices show the UK Front Month Baseload contract at £54 (£55) and Front Season at £73 (£75).

In other areas of the market Brent Oil is at $89 ($89) and EUAs are at €57 (€59). Henry Hub is at $1.84 ($1.86) and JKM is at $9.50 ($9.47) with TTF Equiv of $8.12 ($8.28).

Numbers in brackets show the previous reports value.