Market Insight
Tony Jordan
28 May 2024

Market Insights 28/05/2024


A slight dip to end the week seen on Friday before an extended weekend.

Temperature outlooks remain unchanged with the coming six weeks continuing to show above seasonal normal.

Process problems continue at Kollsnes which is slowly returning to full capacity whilst many of the assets undergo planned maintenance.

Friday saw the TTF Front Month contract settle at €35.24 (from €35.23) and the NBP Front Month contract at 84.42p (from 85.33p).

Kollsness remains on unplanned outage this morning and we see a flow level at 296mcm (286). Russian nominations showing Velke Kapusany at 40.6mcm (40.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 68.82% 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 €35, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €40 (vs €35 and €40)
Curve NBP Front Month 84p, Front Season 102p (vs 85p and 105p)
UK Gas NBP spot 84p (from 87p)
UK Power DA £81 (from £86)

UK power prices show the UK Front Month Baseload contract at £75 (£77) and Front Season at £93 (£94).

In other areas of the market Brent Oil is at $83 ($81) and EUAs are at €76 (€76). Henry Hub is at $2.52 ($2.66) and JKM is at $11.94 ($12.26) with TTF Equiv of $11.22 ($11.18).

Numbers in brackets show the previous reports value.