Market Insights 24/04/2024

DAILY MARKET REPORT – 24/04/2024

Another bearish session seen yesterday as the market continues to hold steady in this price zone after a bullish week last week.

Temperatures are still expected to be lower than seasonal normal for the remaining days of the month before they get and stick close to seasonal norms for May.

Yesterday saw the TTF Front Month contract settle at €28.42 (from €29.31) and the NBP Front Month contract at 71.06p (from 73.99p).

No unplanned outage this morning and we see a flow level at 315mcm (330). Russian nominations showing Velke Kapusany at 38.8mcm (39.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 62.01% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the Front Month TTF contract at €29, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €29, Front Season €34 (vs €28 and €35)
Curve NBP Front Month 71p, Front Season 88p (vs 74p and 91p)
UK Gas NBP spot 71p (from 73p)
UK Power DA £72 (from £74)

UK power prices show the UK Front Month Baseload contract at £61 (£62) and Front Season at £80 (£81).

In other areas of the market Brent Oil is at $88 ($87) and EUAs are at €66 (€66). Henry Hub is at $1.81 ($1.79) and JKM is at $10.23 ($10.53) with TTF Equiv of $8.91 ($9.15).

Numbers in brackets show the previous reports value.