Market Insights 17/04/2024

DAILY MARKET REPORT – 17/04/2024

Up across the board yesterday as several Norwegian assets reduce output and temperatures are set to stay below seasonal normal for the next couple of weeks.

The UK Winter gas contract is notably now touching the £1 level, having been just 80p just a couple of weeks ago, showing the rise in the value of prices in April so far along the curve.

Yesterday saw the TTF Front Month contract settle at €33.14 (from €31.14) and the NBP Front Month contract at 82.85p (from 77.50p).

A change in assets as Aasta Hansteen and Ormen Lange are on unplanned outage this morning and we see a flow level at 324mcm (312). Russian nominations showing Velke Kapusany at 39.0mcm (40.9) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 62.02% 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 €34, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €38 (vs €33 and €36)
Curve NBP Front Month 83p, Front Season 98p (vs 78p and 94p)
UK Gas NBP spot 83p (from 78p)
UK Power DA £72 (from £41)

UK power prices show the UK Front Month Baseload contract at £69 (£65) and Front Season at £87 (£84).

In other areas of the market Brent Oil is at $90 ($90) and EUAs are at €74 (€71). Henry Hub is at $1.73 ($1.69) and JKM is at $11.26 ($10.73) with TTF Equiv of $10.32 ($9.70).

Numbers in brackets show the previous reports value.