Market Insight
Tony Jordan
29 May 2024

Market Insights 29/05/2024


A slight dip in prices yesterday as markets start the week a day late following the extended weekend.

No real change in fundamentals or outlook with continued processing issues at Kollsnes keeping the plant from producing at full capacity, although the impact is very small.

Yesterday saw the TTF Front Month contract settle at €33.53 (from €35.24) and the NBP Front Month contract at 80.81p (from 84.42p).

Kollsness remains on unplanned outage this morning and we see a flow level at 288mcm (296). Russian nominations showing Velke Kapusany at 40.7mcm (40.6) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 69.06% 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 €34, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €39 (vs €34 and €40)
Curve NBP Front Month 81p, Front Season 101p (vs 84p and 102p)
UK Gas NBP spot 83p (from 84p)
UK Power DA £75 (from £81)

UK power prices show the UK Front Month Baseload contract at £72 (£75) and Front Season at £91 (£93).

In other areas of the market Brent Oil is at $84 ($83) and EUAs are at €75 (€76). Henry Hub is at $2.59 ($2.52) and JKM is at $11.96 ($11.94) with TTF Equiv of $10.69 ($11.22).

Numbers in brackets show the previous reports value.