Market Insights 25/07/2024

DAILY MARKET REPORT – 25/07/2024

After a few softer days, the market took a turn to unwind some of those losses in yesterdays session.

Driven, in part, by news of prolonged maintenance across the Norwegian assets, as well as an unplanned outage in the UK at Teesside CATS.

Yesterday saw the TTF Front Month contract settle at €32.62 (from €31.62) and the NBP Front Month contract at 75.81p (from 73.21p).

Visund remains on unplanned outage this morning and we see a flow level at 331mcm (330) Russian nominations showing Velke Kapusany at 41.1mcm (40.6) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 83.37% 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, DOWN €1 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 73p and 93p)
UK Gas NBP spot 76p (from 70p)
UK Power DA £74 (from £74)

UK power prices show the UK Front Month Baseload contract at £68 (£66) and Front Season at £85 (£83).

In other areas of the market Brent Oil is at $82 ($81) and EUAs are at €68 (€66). Henry Hub is at $2.12 ($2.19) and JKM is at $12.24 ($12.01) with TTF Equiv of $10.38 ($10.07).

Numbers in brackets show the previous reports value.