Market Insights 22/07/2024

DAILY MARKET REPORT – 22/07/2024

A global IT outage on Friday saw issues across the world in accessing systems and data for many hours. Once things started to come back to normal later in the day, we saw energy markets continue their trend of late and retreat slightly from the previous days session.

Forecasts for the weeks ahead continue to show above seasonal normal temperatures to be expected, whilst injections into gas storage facilities into Europe continue to push upwards in readiness for the winter season which is still some time away yet.

Friday saw the TTF Front Month contract settle at €32.17 (from €32.67) and the NBP Front Month contract at 74.73p (from 76.04p).

Visund and Kristin unplanned outage this morning and we see a flow level at 323mcm (335) Russian nominations showing Velke Kapusany at 38.7mcm (40.0) and Sudzha at 40.9mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 82.53% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

This morning we see the Front Month TTF contract at €31, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €31, Front Season €37 (vs €32 and €38)
Curve NBP Front Month 75p, Front Season 95p (vs 76p and 96p)
UK Gas NBP spot 75p (from 74p)
UK Power DA £74 (from £74)

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

In other areas of the market Brent Oil is at $83 ($85) and EUAs are at €66 (€66). Henry Hub is at $2.13 ($2.13) and JKM is at $12.12 ($12.20) with TTF Equiv of $10.27 ($10.46).

Numbers in brackets show the previous reports value.