Market Insights 11/07/2024

DAILY MARKET REPORT – 11/07/2024

Prices continued to show a soft side in yesterdays session, after several weeks of creeping upwards, although the movements are generally small.

Yesterday saw the TTF Front Month contract settle at €30.78 (from €31.34) and the NBP Front Month contract at 71.21p (from 72.79p).

Visund remains on unplanned outage this morning and we see a flow level at 336mcm (335) Russian nominations showing Velke Kapusany at 40.6mcm (40.9) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 79.85% 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 €31, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €31, Front Season €36 (vs €31 and €37)
Curve NBP Front Month 71p, Front Season 93p (vs 73p and 94p)
UK Gas NBP spot 71p (from 75p)
UK Power DA £73 (from £66)

UK power prices show the UK Front Month Baseload contract at £64 (£65) and Front Season at £83 (£85).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €68 (€69). Henry Hub is at $2.33 ($2.34) and JKM is at $12.35 ($12.37) with TTF Equiv of $9.78 ($9.94).

Numbers in brackets show the previous reports value.