Market Insights 19/06/2024

DAILY MARKET REPORT – 19/06/2024

A slight uptick in yesterdays session as Troll and Nyhamna, the larger assets in the Norwegian fleet, briefly showed as having issues. That now seems to be resolved, however Visund continues to be on unplanned outage.

Yesterday saw the TTF Front Month contract settle at €34.70 (from €34.21) and the NBP Front Month contract at 81.44p (from 80.52p).

Skarv joins Visund which remains on unplanned outage this morning and we see a flow level at 325mcm (321) Russian nominations showing Velke Kapusany at 42.7mcm (41.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 73.85% 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, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €39 (vs €35 and €38)
Curve NBP Front Month 81p, Front Season 100p (vs 81p and 98p)
UK Gas NBP spot 82p (from 80p)
UK Power DA £82 (from £86)

UK power prices show the UK Front Month Baseload contract at £74 (£74) and Front Season at £89 (£88).

In other areas of the market Brent Oil is at $85 ($84) and EUAs are at €69 (€68). Henry Hub is at $2.91 ($2.79) and JKM is at $12.60 ($12.58) with TTF Equiv of $10.93 ($10.75).

Numbers in brackets show the previous reports value.