Market Insight
Tony Jordan
27 June 2024

Market Insights 27/06/2024


An unwinding of the gains seen in the previous session as we seem to once again have found a bit of a holding pattern/range for the time being.

The warmer weather is expected the drop this week, much closer to seasonal normal than we’ve enjoyed this week but still above by a degree or so on average through to early August.

Yesterday saw the TTF Front Month contract settle at €33.82 (from €34.85) and the NBP Front Month contract at 79.01p (from 81.59p).

Visund remains on unplanned outage this morning and we see a flow level at 330mcm (333) Russian nominations showing Velke Kapusany at 41.1mcm (42.1) and Sudzha at 42.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 75.95% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 0.

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 82p and 101p)
UK Gas NBP spot 80p (from 80p)
UK Power DA £62 (from £80)

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

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €67 (€68). Henry Hub is at $2.75 ($2.76) and JKM is at $12.62 ($12.74) with TTF Equiv of $10.94 ($10.94).

Numbers in brackets show the previous reports value.