Market Insight
Tony Jordan
21 June 2024

Market Insights 21/06/2024


A downward session seen yesterday, unwinding any gains seen from the previous day.

This is partly due to nominations post the payment day, as mentioned yesterday, passing without any undue surprises.

The LNG issues in Australia also seem to have been resolved with a restart of the facilities that were offline for a period of time.

The EU is also said to have passed a 14th package of sanctions against Russia, which this time includes the ban of re-exports of Russian LNG but falls short of a total import ban of the same.

Yesterday saw the TTF Front Month contract settle at €34.46 (from €35.34) and the NBP Front Month contract at 80.39p (from 82.86p).

Dvalin joins Visund which still remains on unplanned outage this morning and we see a flow level at 326mcm (328) Russian nominations showing Velke Kapusany at 43.6mcm (43.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 74.34% 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, 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 €40)
Curve NBP Front Month 80p, Front Season 101p (vs 83p and 102p)
UK Gas NBP spot 83p (from 82p)
UK Power DA £80 (from £83)

UK power prices show the UK Front Month Baseload contract at £73 (£74) and Front Season at £89 (£90).

In other areas of the market Brent Oil is at $86 ($85) and EUAs are at €69 (€70). Henry Hub is at $2.74 ($2.91) and JKM is at $12.60 ($12.60) with TTF Equiv of $10.83 ($11.13).

Numbers in brackets show the previous reports value.