Market Insights 19/07/2024

DAILY MARKET REPORT – 19/07/2024

An ‘as you were’ session yesterday as the losses seen from Wednesday were injected back.

The market still continuing to hold station around these levels.

Yesterday saw the TTF Front Month contract settle at €32.67 (from €31.89) and the NBP Front Month contract at 76.04p (from 73.77p).

No unplanned outage this morning and we see a flow level at 335mcm (333) Russian nominations showing Velke Kapusany at 40.0mcm (40.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 81.83% 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, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €38 (vs €33 and €37)
Curve NBP Front Month 76p, Front Season 96p (vs 74p and 94p)
UK Gas NBP spot 74p (from 71p)
UK Power DA £74 (from £75)

UK power prices show the UK Front Month Baseload contract at £66 (£65) and Front Season at £84 (£83).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €66 (€67). Henry Hub is at $2.13 ($2.04) and JKM is at $12.20 ($12.09) with TTF Equiv of $10.46 ($10.23).

Numbers in brackets show the previous reports value.