Market Insights 10/06/2024

DAILY MARKET REPORT – 10/06/2024

A soft ending to the week as Norwegian output increased as expected on Friday following a week long extension to some planned works after a finding a crack in a pipeline.

Now that has quickly been resolved the market is once again back to where it was, albeit retaining the nervous undertone as to any global event.

Temperatures are expected to stay below seasonal normal for much of this week, before getting to stay above those levels for the weeks to come.

Friday saw the TTF Front Month contract settle at €33.11 (from €33.69) and the NBP Front Month contract at 78.41p (from 80.53p).

Visund on unplanned outage this morning and we see a flow level at 325mcm (306) Russian nominations showing Velke Kapusany at 41.4mcm (43.4) and Sudzha at 41.9mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 71.62% 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 €33, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €37 (vs €33 and €38)
Curve NBP Front Month 78p, Front Season 97p (vs 81p and 98p)
UK Gas NBP spot 79p (from 79p)
UK Power DA £73 (from £66)

UK power prices show the UK Front Month Baseload contract at £72 (£74) and Front Season at £87 (£88).

In other areas of the market Brent Oil is at $80 ($80) and EUAs are at €71 (€72). Henry Hub is at $2.92 ($2.82) and JKM is at $11.97 ($11.99) with TTF Equiv of $10.44 ($10.75).

Numbers in brackets show the previous reports value.