Market Insight
Tony Jordan
3 July 2024

Market Insights 03/07/2024


A fairly flat session seen yesterday, with a slight uptick on some contracts but nothing notable.

Temperature forecasts maintain an unchanged outlook with cooler temperatures for the coming days before getting back to and holding above seasonal normal for the rest of the month and into August.

Yesterday saw the TTF Front Month contract settle at €33.69 (from €33.49) and the NBP Front Month contract at 78.73p (from 78.30p).

Visund remains on unplanned outage this morning and we see a flow level at 334mcm (336) Russian nominations showing Velke Kapusany at 40.3mcm (40.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 77.62% 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, DOWN €1 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 100p (vs 78p and 99p)
UK Gas NBP spot 78p (from 82p)
UK Power DA £70 (from £75)

UK power prices show the UK Front Month Baseload contract at £71 (£70) and Front Season at £89 (£88).

In other areas of the market Brent Oil is at $86 ($87) and EUAs are at €71 (€68). Henry Hub is at $2.44 ($2.48) and JKM is at $12.56 ($12.54) with TTF Equiv of $10.61 ($10.54).

Numbers in brackets show the previous reports value.