Market Insights 15/07/2024

DAILY MARKET REPORT – 15/07/2024

A further small upwards movement seen in Fridays session to end the week.

The market still continuing to hold around this level, with small movements in either direction, over recent weeks.

No real change to any of the outlook with temperatures expected to fluctuate a little over the course of this week before heading back up above seasonal normal beyond that.

Friday saw the TTF Front Month contract settle at €31.72 (from €31.11) and the NBP Front Month contract at 73.12p (from 72.17p).

No unplanned outage this morning and we see a flow level at 342mcm (340) Russian nominations showing Velke Kapusany at 39.8mcm (39.7) and Sudzha at 42.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 80.77% 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 €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 €37 (vs €32 and €37)
Curve NBP Front Month 73p, Front Season 95p (vs 72p and 94p)
UK Gas NBP spot 72p (from 73p)
UK Power DA £77 (from £72)

UK power prices show the UK Front Month Baseload contract at £64 (£64) and Front Season at £84 (£83).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €69 (€68). Henry Hub is at $2.33 ($2.27) and JKM is at $12.33 ($12.37) with TTF Equiv of $10.15 ($9.92).

Numbers in brackets show the previous reports value.