Market Insight
Tony Jordan
30 April 2024

Market Insights 30/04/2024


A continued downside seen yesterday to start the week off as front month contracts change to a new month.

Yesterday saw the TTF Front Month contract settle at €28.06 (from €28.87) and the NBP Front Month contract at 68.28p (from 71.87p).

No unplanned outage this morning and we see a flow level at 266mcm (269). Russian nominations showing Velke Kapusany at 39.6mcm (39.1) and Sudzha at 42.4mcm (42.0). Nord Stream remains unavailable. EU gas storage showing at 61.77% 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, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €28, Front Season €34 (vs €28 and €34)
Curve NBP Front Month 68p, Front Season 89p (vs 72p and 89p)
UK Gas NBP spot 72p (from 75p)
UK Power DA £64 (from £66)

UK power prices show the UK Front Month Baseload contract at £60 (£62) and Front Season at £77 (£80).

In other areas of the market Brent Oil is at $88 ($90) and EUAs are at €65 (€67). Henry Hub is at $2.03 ($1.92) and JKM is at $10.21 ($10.33) with TTF Equiv of $8.83 ($9.05).

Numbers in brackets show the previous reports value.