Market Insight
Tony Jordan
26 June 2024

Market Insights 26/06/2024


A small uptick in prices across the board seen in yesterdays session.

This came as further power related issues at Equinors Hammerfest LNG terminal were reported.

Yesterday saw the TTF Front Month contract settle at €34.85 (from €34.08) and the NBP Front Month contract at 81.59p (from 79.69p).

Visund remain on unplanned outage this morning and we see a flow level at 333mcm (334) Russian nominations showing Velke Kapusany at 42.1mcm (42.9) and Sudzha at 42.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 75.56% 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 €35, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €39 (vs €35 and €39)
Curve NBP Front Month 82p, Front Season 101p (vs 80p and 99p)
UK Gas NBP spot 80p (from 82p)
UK Power DA £80 (from £83)

UK power prices show the UK Front Month Baseload contract at £74 (£72) and Front Season at £89 (£88).

In other areas of the market Brent Oil is at $85 ($86) and EUAs are at €68 (€67). Henry Hub is at $2.76 ($2.81) and JKM is at $12.74 ($12.61) with TTF Equiv of $10.94 ($10.72).

Numbers in brackets show the previous reports value.