Market Insights 11/06/2024

DAILY MARKET REPORT – 11/06/2024

A bullish start to the week as markets rose across the board in yesterdays session.

Problems continue on the Norwegian assets with further delays to full service from annual maintenance following on from last weeks separate issues.

The market retains a nervous undertone and will react to any negative news it seems. Looking into next week, temperatures are expected to rise again above seasonal normal which may help to settle some of the nerves following the dip this week.

Yesterday saw the TTF Front Month contract settle at €34.26 (from €33.11) and the NBP Front Month contract at 81.32p (from 78.41p).

Visund remains on unplanned outage this morning and we see a flow level at 328mcm (325) Russian nominations showing Velke Kapusany at 43.4mcm (41.4) and Sudzha at 42.4mcm (41.9). Nord Stream remains unavailable. EU gas storage showing at 71.75% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 0.

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 €37)
Curve NBP Front Month 81p, Front Season 99p (vs 78p and 97p)
UK Gas NBP spot 82p (from 79p)
UK Power DA £72 (from £73)

UK power prices show the UK Front Month Baseload contract at £74 (£72) and Front Season at £89 (£87).

In other areas of the market Brent Oil is at $82 ($80) and EUAs are at €71 (€71). Henry Hub is at $2.91 ($2.92) and JKM is at $11.97 ($11.97) with TTF Equiv of $10.80 ($10.44).

Numbers in brackets show the previous reports value.