Market Insights 14/05/2024

DAILY MARKET REPORT – 14/05/2024

A soft start to the week as strong flow levels and warm weather help to maintain a calm outlook.

Some near term price levels are close to psychological levels (round numbers, or nearest 10 etc) which may see some reactions in either direction in an otherwise unexciting market currently.

Yesterday saw the TTF Front Month contract settle at €29.58 (from €30.03) and the NBP Front Month contract at 71.54p (from 72.96p).

No unplanned outage this morning and we see a flow level at 322mcm (325). Russian nominations showing Velke Kapusany at 40.9mcm (40.6) and Sudzha at 42.4mcm (42.0). Nord Stream remains unavailable. EU gas storage showing at 64.08% 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 €35 (vs €30 and €36)
Curve NBP Front Month 72p, Front Season 92p (vs 73p and 93p)
UK Gas NBP spot 70p (from 74p)
UK Power DA £64 (from £64)

UK power prices show the UK Front Month Baseload contract at £65 (£67) and Front Season at £82 (£82).

In other areas of the market Brent Oil is at $83 ($83) and EUAs are at €70 (€72). Henry Hub is at $2.38 ($2.25) and JKM is at $10.45 ($10.48) with TTF Equiv of $9.36 ($9.49).

Numbers in brackets show the previous reports value.