Market Insight
Tony Jordan
2 July 2024

Market Insights 02/07/2024


A softish start to the week as prices came off slightly in places.

Cooler temperatures are expected this week, although expected to rise again into next week.

EU gas storage levels remain strong, now over three-quarters full. Visund is still suffering around 50% of it’s capacity being available. This is expected to continue for this week at least.

Yesterday saw the TTF Front Month contract settle at €33.49 (from €34.48) and the NBP Front Month contract at 78.30p (from 81.35p).

Visund remains on unplanned outage this morning and we see a flow level at 336mcm (336) Russian nominations showing Velke Kapusany at 40.2mcm (39.9) and Sudzha at 42.4mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 77.39% 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 €33, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €39 (vs €33 and €39)
Curve NBP Front Month 78p, Front Season 99p (vs 81p and 100p)
UK Gas NBP spot 82p (from 81p)
UK Power DA £75 (from £81)

UK power prices show the UK Front Month Baseload contract at £70 (£73) and Front Season at £88 (£89).

In other areas of the market Brent Oil is at $87 ($85) and EUAs are at €68 (€67). Henry Hub is at $2.48 ($2.60) and JKM is at $12.54 ($12.64) with TTF Equiv of $10.54 ($10.84).

Numbers in brackets show the previous reports value.