Market Insights 10/05/2024

DAILY MARKET REPORT – 10/05/2024

A very small uptick in yesterdays session across the board.

The latest temperature forecasts show a warm weekend ahead and then settling, however now above seasonal normal until the end of June.

Ships continue to be attacked in the Red Sea, however it is understood energy cargoes have long been diverted away from the area.

Yesterday saw the TTF Front Month contract settle at €30.87 (from €30.67) and the NBP Front Month contract at 75.58p (from 74.73p).

No unplanned outage this morning and we see a flow level at 308mcm (289). Russian nominations showing Velke Kapusany at 41.1mcm (41.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 62.94% 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 76p, Front Season 94p (vs 75p and 93p)
UK Gas NBP spot 75p (from 78p)
UK Power DA £73 (from £72)

UK power prices show the UK Front Month Baseload contract at £67 (£66) and Front Season at £84 (£83).

In other areas of the market Brent Oil is at $84 ($84) and EUAs are at €73 (€72). Henry Hub is at $2.30 ($2.19) and JKM is at $10.46 ($10.46) with TTF Equiv of $9.75 ($9.66).

Numbers in brackets show the previous reports value.