Market Insights 25/06/2024

DAILY MARKET REPORT – 25/06/2024

A fairly flat session to get the week underway seen yesterday.

The EU have signed off the 14th package of sanctions against Russia which, for the first time, includes a target on the countries gas exports – although remains limited in scope. As outlined last week, it targets transfers of Russian LNG between ships in EU ports but does not ban imports of Russian LNG into Europe.

Yesterday saw the TTF Front Month contract settle at €34.08 (from €33.94) and the NBP Front Month contract at 79.69p (from 79.15p).

Dvalin and Visund remain on unplanned outage this morning and we see a flow level at 334mcm (323) Russian nominations showing Velke Kapusany at 42.9mcm (42.5) and Sudzha at 42.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 75.35% 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 80p, Front Season 99p (vs 79p and 99p)
UK Gas NBP spot 82p (from 81p)
UK Power DA £83 (from £83)

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

In other areas of the market Brent Oil is at $86 ($85) and EUAs are at €67 (€68). Henry Hub is at $2.81 ($2.71) and JKM is at $12.61 ($12.47) with TTF Equiv of $10.72 ($10.64).

Numbers in brackets show the previous reports value.