Market Insight
Tony Jordan
23 April 2024

Market Insights 23/04/2024


A bearish session to kick the week off after a series of series of bullish ones last week.

Whilst the market has seen a bit of a rise and fall in recent weeks, it remains in its holding pattern for now with global news events still taking an impact on UK and European market direction.

Tensions across the Middle East continue to hold some level of concern, whilst strong gas storage levels for next winter give some comfort of the effect required to refill by the end of the Summer period.

Yesterday saw the TTF Front Month contract settle at €29.31 (from €30.76) and the NBP Front Month contract at 73.99p (from 77.40p).

No unplanned outage this morning and we see a flow level at 330mcm (336). Russian nominations showing Velke Kapusany at 39.7mcm (37.7) and Sudzha at 42.4mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 62.12% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 3.

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 €36)
Curve NBP Front Month 74p, Front Season 91p (vs 77p and 94p)
UK Gas NBP spot 73p (from 76p)
UK Power DA £74 (from £77)

UK power prices show the UK Front Month Baseload contract at £62 (£65) and Front Season at £81 (£83).

In other areas of the market Brent Oil is at $87 ($87) and EUAs are at €66 (€69). Henry Hub is at $1.79 ($1.75) and JKM is at $10.53 ($10.50) with TTF Equiv of $9.15 ($9.62).

Numbers in brackets show the previous reports value.