Market Insights 26/07/2024

DAILY MARKET REPORT – 26/07/2024

Yesterdays session almost completely unwound the previous days gains as markets retain comfort to hold around this level – moving slightly up or down between sessions.

Gassco AS updated the prolonged outage for Visund yesterday to show it will likely continue until the end of the month, returning some capacity slowly over the coming days.

Temperature outlooks for August look good, holding above seasonal normal for the month.

Yesterday saw the TTF Front Month contract settle at €31.78 (from €32.62) and the NBP Front Month contract at 74.19p (from 75.81p).

Visund remains on unplanned outage this morning and we see a flow level at 333mcm (331) Russian nominations showing Velke Kapusany at 40.4mcm (41.1) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 83.52% 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 €38)
Curve NBP Front Month 74p, Front Season 94p (vs 76p and 96p)
UK Gas NBP spot 71p (from 76p)
UK Power DA £73 (from £74)

UK power prices show the UK Front Month Baseload contract at £67 (£68) and Front Season at £84 (£85).

In other areas of the market Brent Oil is at $82 ($82) and EUAs are at €67 (€68). Henry Hub is at $2.04 ($2.12) and JKM is at $12.08 ($12.24) with TTF Equiv of $10.12 ($10.38).

Numbers in brackets show the previous reports value.