Market Insight
Tony Jordan
29 April 2024

Market Insights 29/04/2024


A bearish end to the week, undoing the gains seen during previous sessions.

The latest temperature runs show a warm start to May to be enjoyed, after a cold end to April.

Both Troll and Kollsnes went into planned maintenance this weekend, denting further the flows from Norway towards Europe for the coming days, as gas storage holds steady at just over 60% full.

Friday saw the TTF Front Month contract settle at €28.87 (from €29.77) and the NBP Front Month contract at 71.87p (from 74.49p).

No unplanned outage this morning and we see a flow level at 269mcm (294). Russian nominations showing Velke Kapusany at 39.1mcm (39.3) and Sudzha at 42.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 61.61% 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 €28, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €28, Front Season €34 (vs €29 and €35)
Curve NBP Front Month 72p, Front Season 89p (vs 74p and 91p)
UK Gas NBP spot 75p (from 77p)
UK Power DA £66 (from £76)

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

In other areas of the market Brent Oil is at $90 ($89) and EUAs are at €67 (€68). Henry Hub is at $1.92 ($1.64) and JKM is at $10.33 ($10.43) with TTF Equiv of $9.05 ($9.36).

Numbers in brackets show the previous reports value.