Market Insight
Tony Jordan
22 April 2024

Market Insights 22/04/2024


After a series of upward sessions early last week, Friday saw an unwinding of much of those gains to put us back close to where the week started with a downward session to end the week.

Temperature outlooks still remain below seasonal normal for the final week of April before settling at or around seasonal normal throughout May in the latest forecast runs.

Friday saw the TTF Front Month contract settle at €30.76 (from €32.31) and the NBP Front Month contract at 77.40p (from 81.21p).

No unplanned outage this morning and we see a flow level at 336mcm (337). Russian nominations showing Velke Kapusany at 37.7mcm (38.6) and Sudzha at 42.1mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 62.06% 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 €30, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €30, Front Season €36 (vs €31 and €37)
Curve NBP Front Month 77p, Front Season 94p (vs 81p and 97p)
UK Gas NBP spot 76p (from 82p)
UK Power DA £77 (from £49)

UK power prices show the UK Front Month Baseload contract at £65 (£68) and Front Season at £83 (£85).

In other areas of the market Brent Oil is at $87 ($87) and EUAs are at €69 (€72). Henry Hub is at $1.75 ($1.76) and JKM is at $10.50 ($10.88) with TTF Equiv of $9.62 ($10.10).

Numbers in brackets show the previous reports value.