Market Insight
Tony Jordan
8 April 2024

Market Insights 08/04/2024


A slight further uptick to end the week seen in Fridays session.

Windy weather over the weekend helped push spot electricity prices to low levels, mostly around zero.

A lower gas supply nomination in place across the board this morning. With warmer temperatures expected this week impact should be minimal and we can now clearly see net injections being reported into the storage facilities.

Friday saw the TTF Front Month contract settle at €26.61 (from €26.21) and the NBP Front Month contract at 66.08p (from 64.84p).

Asgard on unplanned outage this morning and we see a flow level at 328mcm (345). Russian nominations showing Velke Kapusany at 39.2mcm (42.1) and Sudzha at 41.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 59.90% 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, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €26, Front Season €32 (vs €27 and €31)
Curve NBP Front Month 66p, Front Season 82p (vs 65p and 81p)
UK Gas NBP spot 65p (from 65p)
UK Power DA £57 (from £42)

UK power prices show the UK Front Month Baseload contract at £56 (£54) and Front Season at £76 (£74).

In other areas of the market Brent Oil is at $91 ($91) and EUAs are at €61 (€59). Henry Hub is at $1.79 ($1.77) and JKM is at $9.55 ($9.55) with TTF Equiv of $8.45 ($8.35).

Numbers in brackets show the previous reports value.