DAILY MARKET REPORT – 23/07/2024
A continuation of Fridays downward movement was seen yesterday to get the week underway, albeit small movements.
Freeport LNG, halted due to the hurricane, has now restarted as planned.
Yesterday saw the TTF Front Month contract settle at €31.84 (from €32.17) and the NBP Front Month contract at 73.96p (from 74.73p).
Visund remains on unplanned outage this morning and we see a flow level at 321mcm (323) Russian nominations showing Velke Kapusany at 39.6mcm (38.7) and Sudzha at 42.4mcm (40.9). Nord Stream remains unavailable. EU gas storage showing at 82.91% 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 €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 74p, Front Season 94p (vs 75p and 95p)
UK Gas NBP spot 74p (from 75p)
UK Power DA £72 (from £74)
UK power prices show the UK Front Month Baseload contract at £66 (£66) and Front Season at £83 (£84).
In other areas of the market Brent Oil is at $82 ($83) and EUAs are at €65 (€66). Henry Hub is at $2.25 ($2.13) and JKM is at $12.10 ($12.12) with TTF Equiv of $10.16 ($10.27).
Numbers in brackets show the previous reports value.
Market Insights 23/07/2024
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