Market Insights 12/06/2024

DAILY MARKET REPORT – 12/06/2024

A flat day yesterday across the board as flow levels remain stable.

Some small issues remain on Norwegian output as Visund remains on unplanned outage, but is a much smaller impact than last weeks asset.

Yesterday saw the TTF Front Month contract settle at €34.29 (from €34.26) and the NBP Front Month contract at 81.08p (from 81.32p).

Visund remains on unplanned outage this morning and we see a flow level at 331mcm (328) Russian nominations showing Velke Kapusany at 42.3mcm (43.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 72.14% 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 €38 (vs €34 and €39)
Curve NBP Front Month 81p, Front Season 98p (vs 81p and 99p)
UK Gas NBP spot 79p (from 82p)
UK Power DA £87 (from £72)

UK power prices show the UK Front Month Baseload contract at £75 (£74) and Front Season at £89 (£89).

In other areas of the market Brent Oil is at $82 ($82) and EUAs are at €71 (€71). Henry Hub is at $3.13 ($2.91) and JKM is at $12.00 ($11.97) with TTF Equiv of $10.79 ($10.80).

Numbers in brackets show the previous reports value.