DAILY MARKET REPORT – 16/07/2024
A soft start to the week, unwinding the small rise seen on Friday to put us back where we were.
Freeport LNG is expected to restart in the coming days, after being offline due to the hurricane, as LNG towards the UK and Europe takes a dip with no vessels expected in the UK for the coming weeks.
Yesterday saw the TTF Front Month contract settle at €31.37 (from €31.72) and the NBP Front Month contract at 72.24p (from 73.12p).
No unplanned outage this morning and we see a flow level at 331mcm (342) Russian nominations showing Velke Kapusany at 39.9mcm (39.8) and Sudzha at 42.4mcm (42.0). Nord Stream remains unavailable. EU gas storage showing at 81.02% 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, UP €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €37 (vs €31 and €37)
Curve NBP Front Month 72p, Front Season 94p (vs 73p and 95p)
UK Gas NBP spot 71p (from 72p)
UK Power DA £71 (from £77)
UK power prices show the UK Front Month Baseload contract at £64 (£64) and Front Season at £83 (£84).
In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €68 (€69). Henry Hub is at $2.16 ($2.33) and JKM is at $11.95 ($12.33) with TTF Equiv of $10.04 ($10.15).
Numbers in brackets show the previous reports value.
Market Insights 16/07/2024
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