Market Insights 09/05/2024

DAILY MARKET REPORT – 09/05/2024

A small further downside seen yesterday after a correcting session on Tuesday following the extended weekend in the UK.

Some warmer days yet to be enjoyed in the days ahead still before looking to settle close to seasonal normal early next week and thereafter.

Yesterday saw the TTF Front Month contract settle at €30.61 (from €31.07) and the NBP Front Month contract at 74.73p (from 75.86p).

No unplanned outage this morning and we see a flow level at 289mcm (292). Russian nominations showing Velke Kapusany at 41.5mcm (41.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 62.84% 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 €31, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €31, Front Season €36 (vs €31 and €36)
Curve NBP Front Month 75p, Front Season 93p (vs 76p and 94p)
UK Gas NBP spot 78p (from 76p)
UK Power DA £72 (from £77)

UK power prices show the UK Front Month Baseload contract at £66 (£67) and Front Season at £83 (£82).

In other areas of the market Brent Oil is at $84 ($83) and EUAs are at €72 (€71). Henry Hub is at $2.19 ($2.21) and JKM is at $10.46 ($10.50) with TTF Equiv of $9.66 ($9.82).

Numbers in brackets show the previous reports value.