Market Insights 24/07/2024

DAILY MARKET REPORT – 24/07/2024

A small further discount seen across the board in yesterdays session.

The market continues to hold station around this level, as it has done for many weeks now, with small movements in either direction over a period of time.

No change in outlook for the time being – so this trend may continue for now.

Yesterday saw the TTF Front Month contract settle at €31.62 (from €31.84) and the NBP Front Month contract at 73.21p (from 73.96p).

Visund remains on unplanned outage this morning and we see a flow level at 330mcm (321) Russian nominations showing Velke Kapusany at 40.6mcm (39.6) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 83.15% 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 73p, Front Season 93p (vs 74p and 94p)
UK Gas NBP spot 70p (from 74p)
UK Power DA £74 (from £72)

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

In other areas of the market Brent Oil is at $81 ($82) and EUAs are at €66 (€65). Henry Hub is at $2.19 ($2.25) and JKM is at $12.01 ($12.10) with TTF Equiv of $10.07 ($10.16).

Numbers in brackets show the previous reports value.