Market Insights 28/06/2024

DAILY MARKET REPORT – 28/06/2024

The market continues to hover in the window it has for many days now, moving either slightly up or down between sessions.

As we reach the end of June, August becomes our front month on many contracts.

Day ahead power prices are low today thanks to low and negative pricing throughout the ‘working day’ hours – this has been seen typically at weekends in recent months rather than week days.

Yesterday saw the TTF Front Month contract settle at €34.85 (from €33.82) and the NBP Front Month contract at 82.36p (from 79.01p).

Visund remains on unplanned outage this morning and we see a flow level at 334mcm (333) Russian nominations showing Velke Kapusany at 41.9mcm (41.1) and Sudzha at 42.4mcm (42.2). Nord Stream remains unavailable. EU gas storage showing at 76.20% 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 €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 100p (vs 79p and 99p)
UK Gas NBP spot 80p (from 80p)
UK Power DA £34 (from £62)

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

In other areas of the market Brent Oil is at $86 ($85) and EUAs are at €67 (€67). Henry Hub is at $2.69 ($2.75) and JKM is at $12.66 ($12.62) with TTF Equiv of $10.95 ($10.94).

Numbers in brackets show the previous reports value.