Market Insights 09/07/2024

DAILY MARKET REPORT – 09/07/2024

A softer start to the week, as the front contracts dipped a bit more than the curve in yesterdays session.

No real change to the outlook with temperatures expected to dip before rising again over the coming days.

In the US, the energy industry is checking the impact of Hurricane Beryl on infrastructure after it hit yesterday having caused damage throughout many Caribbean islands over the past few days.

Yesterday saw the TTF Front Month contract settle at €32.29 (from €33.07) and the NBP Front Month contract at 75.00p (from 77.27p).

Visund remains on unplanned outage this morning and we see a flow level at 334mcm (342) Russian nominations showing Velke Kapusany at 40.5mcm (40.2) and Sudzha at 42.4mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 79.14% 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 €32, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €38 (vs €32 and €38)
Curve NBP Front Month 75p, Front Season 96p (vs 77p and 98p)
UK Gas NBP spot 75p (from 77p)
UK Power DA £75 (from £81)

UK power prices show the UK Front Month Baseload contract at £68 (£69) and Front Season at £87 (£88).

In other areas of the market Brent Oil is at $86 ($87) and EUAs are at €69 (€70). Henry Hub is at $2.37 ($2.32) and JKM is at $12.39 ($12.49) with TTF Equiv of $10.26 ($10.50).

Numbers in brackets show the previous reports value.