Market Insight
Tony Jordan
9 April 2024

Market Insights 09/04/2024


A market uptick once again seen in yesterdays session as supply was constricted yesterday and Asgard continues to suffer process issues for another day today.

Prices however remain within a band the market now seems somewhat comfortable with in recent weeks, with weekly upward and downward movements within it. EU gas storage facilities clearly now receiving as we’re back into the 60% zone.

Yesterday saw the TTF Front Month contract settle at €27.91 (from €26.61) and the NBP Front Month contract at 69.71p (from 66.08p).

Asgard on unplanned outage this morning and we see a flow level at 333mcm (328). Russian nominations showing Velke Kapusany at 42.0mcm (39.2) and Sudzha at 42.4mcm (41.3). Nord Stream remains unavailable. EU gas storage showing at 60.19% 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 €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 €32 (vs €28 and €32)
Curve NBP Front Month 70p, Front Season 86p (vs 66p and 82p)
UK Gas NBP spot 71p (from 65p)
UK Power DA £48 (from £57)

UK power prices show the UK Front Month Baseload contract at £58 (£56) and Front Season at £78 (£76).

In other areas of the market Brent Oil is at $90 ($91) and EUAs are at €64 (€61). Henry Hub is at $1.84 ($1.79) and JKM is at $9.58 ($9.55) with TTF Equiv of $8.88 ($8.45).

Numbers in brackets show the previous reports value.