Market Insight
Tony Jordan
25 April 2024

Market Insights 25/04/2024


A small uptick seen in yesterdays session.

In the days ahead we will still endure some colder temperatures and Nyhamna is undergoing a few days of planned maintenance which has dented the usual strong flow from Norway into Europe, stagnating the gas injections into storage.

Yesterday saw the TTF Front Month contract settle at €29.02 (from €28.42) and the NBP Front Month contract at 72.61p (from 71.06p).

No unplanned outage this morning and we see a flow level at 274mcm (315). Russian nominations showing Velke Kapusany at 38.7mcm (38.8) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.87% 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 €30, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €30, Front Season €34 (vs €29 and €34)
Curve NBP Front Month 73p, Front Season 89p (vs 71p and 89p)
UK Gas NBP spot 71p (from 71p)
UK Power DA £76 (from £72)

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

In other areas of the market Brent Oil is at $88 ($88) and EUAs are at €66 (€66). Henry Hub is at $1.65 ($1.81) and JKM is at $10.44 ($10.23) with TTF Equiv of $9.09 ($8.91).

Numbers in brackets show the previous reports value.