Market Insights 24/06/2024

DAILY MARKET REPORT – 24/06/2024

A further downward session seen on Friday to end the week.

Much warmer weather is expected this week, with average temperatures in the UK being as much as 5 degrees above seasonal normal.

EU Gas storage facilities have now surpassed the three-quarter full mark, and remain in line with the trends of 2019 and 2023 which both ended the summer season very full.

Friday saw the TTF Front Month contract settle at €33.94 (from €34.46) and the NBP Front Month contract at 79.15p (from 80.39p).

Dvalin and Visund remain on unplanned outage this morning and we see a flow level at 323mcm (326) Russian nominations showing Velke Kapusany at 42.5mcm (43.6) and Sudzha at 42.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 75.05% 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 €39)
Curve NBP Front Month 79p, Front Season 99p (vs 80p and 101p)
UK Gas NBP spot 81p (from 83p)
UK Power DA £83 (from £80)

UK power prices show the UK Front Month Baseload contract at £72 (£73) and Front Season at £88 (£89).

In other areas of the market Brent Oil is at $85 ($86) and EUAs are at €68 (€69). Henry Hub is at $2.71 ($2.74) and JKM is at $12.47 ($12.60) with TTF Equiv of $10.64 ($10.83).

Numbers in brackets show the previous reports value.