Market Insight
Tony Jordan
3 June 2024

Market Insights 03/06/2024


A soft end to the week after a series of upward movements seen last week.

Today sees us enter a new month which starts with a sizeable dent in the Norwegian flows as Nyhamna is fully offline, removing 80mcm. Temperatures are also expected to be lower this week, before returning to above seasonal normal levels next week.

Friday saw the TTF Front Month contract settle at €34.22 (from €35.35) and the NBP Front Month contract at 81.83p (from 84.80p).

Nyhamna is on unplanned outage this morning and we see a flow level at 251mcm (303) Russian nominations showing Velke Kapusany at 43.7mcm (41.5) and Sudzha at 42.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 70.17% 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 €36, UP €2 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €39 (vs €34 and €40)
Curve NBP Front Month 82p, Front Season 101p (vs 85p and 104p)
UK Gas NBP spot 89p (from 87p)
UK Power DA £81 (from £69)

UK power prices show the UK Front Month Baseload contract at £77 (£73) and Front Season at £92 (£93).

In other areas of the market Brent Oil is at $81 ($82) and EUAs are at €74 (€75). Henry Hub is at $2.59 ($2.57) and JKM is at $11.91 ($11.96) with TTF Equiv of $10.89 ($11.24).

Numbers in brackets show the previous reports value.