DAILY MARKET REPORT – 15/04/2024
A further uptick in the market seen to end the week in Fridays session as nerves were clearly put to the test following the developments on Thursday.
Over the weekend further escalation in the Middle East will be adding pressure to the markets nerve this week.
Weather-wise, long term forecasts now show at or below seasonal normal temperatures to be expected for the weeks ahead, with the above seasonal levels having now passed us this weekend.
Friday saw the TTF Front Month contract settle at €30.73 (from €29.38) and the NBP Front Month contract at 76.38p (from 73.69p).
Nyhamna on unplanned outage this morning and we see a flow level at 316mcm (342). Russian nominations showing Velke Kapusany at 40.9mcm (41.9) and Sudzha at 42.1mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.69% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 5.
This morning we see the Front Month TTF contract at €30, DOWN €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €31, Front Season €36 (vs €31 and €35)
Curve NBP Front Month 76p, Front Season 94p (vs 74p and 91p)
UK Gas NBP spot 90p (from 71p)
UK Power DA £29 (from £25)
UK power prices show the UK Front Month Baseload contract at £65 (£63) and Front Season at £84 (£82).
In other areas of the market Brent Oil is at $90 ($90) and EUAs are at €72 (€68). Henry Hub is at $1.77 ($1.76) and JKM is at $9.65 ($9.61) with TTF Equiv of $9.23 ($9.23).
Numbers in brackets show the previous reports value.