Market Insight
Tony Jordan
12 April 2024

Market Insights 12/04/2024


An uptick seen in the session yesterday as Russian attacks on Ukraine energy infrastructure together with the European Parliament approving the ban of Russian LNG test the markets nerve as to how comfortable it feels.

Yesterday saw the TTF Front Month contract settle at €29.38 (from €27.10) and the NBP Front Month contract at 73.69p (from 67.37p).

No unplanned outage this morning and we see a flow level at 342mcm (340). Russian nominations showing Velke Kapusany at 41.9mcm (38.9) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.00% 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 €29, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €29, Front Season €35 (vs €29 and €33)
Curve NBP Front Month 74p, Front Season 91p (vs 67p and 85p)
UK Gas NBP spot 71p (from 70p)
UK Power DA £25 (from £45)

UK power prices show the UK Front Month Baseload contract at £63 (£58) and Front Season at £82 (£77).

In other areas of the market Brent Oil is at $90 ($90) and EUAs are at €68 (€63). Henry Hub is at $1.76 ($1.89) and JKM is at $9.61 ($9.59) with TTF Equiv of $9.23 ($8.71).

Numbers in brackets show the previous reports value.