Market Insights 16/04/2024

DAILY MARKET REPORT – 16/04/2024

A further upward movement to get the week underway as unplanned outages in Norway dent the markets confidence which has seen spot gas prices rise as a result.

Those outages continue this morning with a second outage so this may push some further upside until those are addressed.

Yesterday saw the TTF Front Month contract settle at €31.14 (from €30.73) and the NBP Front Month contract at 77.50p (from 76.38p).

Dvalin joins Nyhamna on unplanned outage this morning and we see a flow level at 312mcm (316). Russian nominations showing Velke Kapusany at 40.9mcm (40.9) and Sudzha at 42.4mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 61.74% 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 €32, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €36 (vs €31 and €36)
Curve NBP Front Month 78p, Front Season 94p (vs 76p and 94p)
UK Gas NBP spot 78p (from 90p)
UK Power DA £41 (from £29)

UK power prices show the UK Front Month Baseload contract at £65 (£65) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $90 ($90) and EUAs are at €71 (€72). Henry Hub is at $1.69 ($1.77) and JKM is at $10.73 ($9.65) with TTF Equiv of $9.70 ($9.23).

Numbers in brackets show the previous reports value.