Market Insights 13/05/2024

DAILY MARKET REPORT – 13/05/2024

A slightly soft end to the week on some contracts, whilst others held level.

High temperatures have been enjoyed this weekend as temperatures are now expected to fall slightly, albeit holding above seasonal normal for the weeks ahead.

No real change to the underlying outlook which remains positive with continued sensitivity to global events.

Friday saw the TTF Front Month contract settle at €30.03 (from €30.87) and the NBP Front Month contract at 72.96p (from 75.58p).

No unplanned outage this morning and we see a flow level at 325mcm (308). Russian nominations showing Velke Kapusany at 40.6mcm (41.1) and Sudzha at 42.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 63.66% 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, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €30, Front Season €36 (vs €30 and €36)
Curve NBP Front Month 73p, Front Season 93p (vs 76p and 94p)
UK Gas NBP spot 74p (from 75p)
UK Power DA £64 (from £73)

UK power prices show the UK Front Month Baseload contract at £67 (£67) and Front Season at £82 (£84).

In other areas of the market Brent Oil is at $83 ($84) and EUAs are at €72 (€73). Henry Hub is at $2.25 ($2.30) and JKM is at $10.48 ($10.46) with TTF Equiv of $9.49 ($9.75).

Numbers in brackets show the previous reports value.