Market Insights 12/07/2024

DAILY MARKET REPORT – 12/07/2024

A slight uptick, unwinding previous days losses, was seen in yesterdays session as the market continues to just bobble along a flat-ish trajectory.

EU gas storage ticks above the 80% marker. The EU rules state this must hit 90% by November, so this looks to be well with grasp early once again.

Visund issues appears to have been fixed and it no longer shows as being on unplanned outage after several weeks of continued issues.

Temperatures are expected to rise again next week, after a bit of a cool spell this week.

Yesterday saw the TTF Front Month contract settle at €31.11 (from €30.78) and the NBP Front Month contract at 72.17p (from 71.21p).

No unplanned outage this morning and we see a flow level at 340mcm (336) Russian nominations showing Velke Kapusany at 39.7mcm (40.6) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 80.09% 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 €37 (vs €31 and €36)
Curve NBP Front Month 72p, Front Season 94p (vs 71p and 93p)
UK Gas NBP spot 73p (from 71p)
UK Power DA £72 (from £73)

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

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €68 (€68). Henry Hub is at $2.27 ($2.33) and JKM is at $12.37 ($12.35) with TTF Equiv of $9.92 ($9.78).

Numbers in brackets show the previous reports value.