Market Insight
Tony Jordan
11 April 2024

Market Insights 11/04/2024


A further small downward movement seen in yesterdays session on near term contracts, although overall appeared rather muted across the board.

The pattern continues to hold around these levels, as it has done in recent weeks.

Yesterday saw the TTF Front Month contract settle at €27.10 (from €27.35) and the NBP Front Month contract at 67.37p (from 68.00p).

No unplanned outage this morning and we see a flow level at 340mcm (338). Russian nominations showing Velke Kapusany at 38.9mcm (41.1) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 60.87% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 4.

This morning we see the Front Month TTF contract at €28, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €28, Front Season €33 (vs €27 and €33)
Curve NBP Front Month 67p, Front Season 85p (vs 68p and 85p)
UK Gas NBP spot 70p (from 66p)
UK Power DA £45 (from £50)

UK power prices show the UK Front Month Baseload contract at £58 (£58) and Front Season at £77 (£77).

In other areas of the market Brent Oil is at $90 ($89) and EUAs are at €63 (€64). Henry Hub is at $1.89 ($1.87) and JKM is at $9.59 ($9.59) with TTF Equiv of $8.71 ($8.71).

Numbers in brackets show the previous reports value.