DAILY MARKET REPORT – 31/07/2024
More upwards movement seen yesterday as the monthly contract comes to a close and we start looking further ahead to a new front month contract.
Escalations in the Middle East continue to underline some of the concern held in the market and developments over the last day will only aggravate that further in the short term.
Visund is finally back after many weeks of prolonged unplanned maintenance.
Yesterday saw the TTF Front Month contract settle at €35.08 (from €33.87) and the NBP Front Month contract at 84.96p (from 79.70p).
No unplanned outage this morning and we see a flow level at 344mcm (340) Russian nominations showing Velke Kapusany at 41.2mcm (40.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 84.71% 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 €35, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €39 (vs €35 and €39)
Curve NBP Front Month 85p, Front Season 99p (vs 80p and 98p)
UK Gas NBP spot 81p (from 77p)
UK Power DA £78 (from £76)
UK power prices show the UK Front Month Baseload contract at £69 (£70) and Front Season at £86 (£86).
In other areas of the market Brent Oil is at $79 ($80) and EUAs are at €69 (€69). Henry Hub is at $2.13 ($2.04) and JKM is at $12.48 ($12.45) with TTF Equiv of $11.14 ($10.74).
Numbers in brackets show the previous reports value.