Market Insights 30/05/2024

DAILY MARKET REPORT – 30/05/2024

No real change in price levels in yesterdays session, maintaining the status quo, as we come towards the end of the month.

Process issues at Kollsness continue, albeit having a very small impact, and is expected to return to full capacity imminently.

Some cooler temperatures expected early next week, but maintain above seasonal normal for the weeks ahead overall.

Yesterday saw the TTF Front Month contract settle at €33.88 (from €33.53) and the NBP Front Month contract at 81.59p (from 80.81p).

Kollsness remains on unplanned outage this morning and we see a flow level at 293mcm (288). Russian nominations showing Velke Kapusany at 41.6mcm (40.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 69.27% 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 €39)
Curve NBP Front Month 82p, Front Season 102p (vs 81p and 101p)
UK Gas NBP spot 82p (from 83p)
UK Power DA £67 (from £75)

UK power prices show the UK Front Month Baseload contract at £73 (£72) and Front Season at £91 (£91).

In other areas of the market Brent Oil is at $84 ($84) and EUAs are at €74 (€75). Henry Hub is at $2.67 ($2.59) and JKM is at $11.83 ($11.96) with TTF Equiv of $10.74 ($10.69).

Numbers in brackets show the previous reports value.