Market Insights 29/07/2024

DAILY MARKET REPORT – 29/07/2024

An ‘as you were’ session once again on Friday as markets rose to undo the losses seen on the previous day.

Freeport LNG has recommenced exports and the Visund asset in Norway is expected return fully later this week after a prolonged outage.

Markets continue to hold around this level, as they have done for some time now, with small movements in either direction between sessions.

Friday saw the TTF Front Month contract settle at €32.48 (from €31.78) and the NBP Front Month contract at 76.11p (from 74.19p).

Visund remains on unplanned outage this morning and we see a flow level at 341mcm (333) Russian nominations showing Velke Kapusany at 39.7mcm (40.4) and Sudzha at 41.9mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 84.12% 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 €38 (vs €32 and €37)
Curve NBP Front Month 76p, Front Season 96p (vs 74p and 94p)
UK Gas NBP spot 71p (from 71p)
UK Power DA £72 (from £73)

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

In other areas of the market Brent Oil is at $81 ($82) and EUAs are at €68 (€67). Henry Hub is at $2.01 ($2.04) and JKM is at $12.21 ($12.08) with TTF Equiv of $10.34 ($10.12).

Numbers in brackets show the previous reports value.