Market Insight
Tony Jordan
8 May 2024

Market Insights 08/05/2024


An adjusted day of trading seen yesterday with the UK markets rising and the European ones falling, following a misaligned day of activity on Monday.

No real change to any outlook with warmer temperatures expected throughout this week and holding around seasonal normal for the foreseeable future. Gas stocks now starting to rise and piped flow remains stable. LNG arrivals on the low side, but not too concerning at the moment.

Yesterday saw the TTF Front Month contract settle at €31.07 (from €31.80) and the NBP Front Month contract at 75.86p (from 74.47p).

No unplanned outage this morning and we see a flow level at 292mcm (294). Russian nominations showing Velke Kapusany at 41.5mcm (41.1) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 63.81% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

This morning we see the Front Month TTF contract at €30, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €30, Front Season €36 (vs €31 and €37)
Curve NBP Front Month 76p, Front Season 94p (vs 74p and 93p)
UK Gas NBP spot 76p (from 82p)
UK Power DA £77 (from £77)

UK power prices show the UK Front Month Baseload contract at £67 (£67) and Front Season at £82 (£82).

In other areas of the market Brent Oil is at $83 ($83) and EUAs are at €71 (€73). Henry Hub is at $2.21 ($2.20) and JKM is at $10.50 ($10.47) with TTF Equiv of $9.82 ($10.05).

Numbers in brackets show the previous reports value.