Market Insights 17/07/2024

DAILY MARKET REPORT – 17/07/2024

A more aggressive upward movement seen in yesterdays session after a few smaller movements in either direction in recent days.

Prices continue to stay in the zone they’ve been in for some time now.

Temperatures are expected to rise in the coming days before settling once again.

Yesterday saw the TTF Front Month contract settle at €32.80 (from €31.37) and the NBP Front Month contract at 76.25p (from 72.24p).

No unplanned outage this morning and we see a flow level at 334mcm (331) Russian nominations showing Velke Kapusany at 39.0mcm (39.9) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 81.38% 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 €33, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €38 (vs €33 and €37)
Curve NBP Front Month 76p, Front Season 96p (vs 72p and 94p)
UK Gas NBP spot 76p (from 71p)
UK Power DA £77 (from £71)

UK power prices show the UK Front Month Baseload contract at £67 (£64) and Front Season at £85 (£83).

In other areas of the market Brent Oil is at $84 ($85) and EUAs are at €68 (€68). Henry Hub is at $2.19 ($2.16) and JKM is at $12.30 ($11.95) with TTF Equiv of $10.47 ($10.04).

Numbers in brackets show the previous reports value.