Market Insight
Tony Jordan
26 April 2024

Market Insights 26/04/2024


A further uptick seen in yesterdays session as flows were dented yesterday as planned maintenance took effect alongside news of continued issues regarding maintenance at Freeport LNG.

The latest long temperature forecasts now showing a warmer next week to be expected, after a cooler weekend, before settling as previously expected at or around seasonal normal levels throughout May.

Yesterday saw the TTF Front Month contract settle at €29.77 (from €29.02) and the NBP Front Month contract at 74.49p (from 72.61p).

No unplanned outage this morning and we see a flow level at 294mcm (274). Russian nominations showing Velke Kapusany at 39.3mcm (38.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.74% 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, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €30, Front Season €35 (vs €30 and €34)
Curve NBP Front Month 74p, Front Season 91p (vs 73p and 89p)
UK Gas NBP spot 77p (from 71p)
UK Power DA £76 (from £76)

UK power prices show the UK Front Month Baseload contract at £65 (£62) and Front Season at £81 (£80).

In other areas of the market Brent Oil is at $89 ($88) and EUAs are at €68 (€66). Henry Hub is at $1.64 ($1.65) and JKM is at $10.43 ($10.44) with TTF Equiv of $9.36 ($9.09).

Numbers in brackets show the previous reports value.