Market Insights 01/08/2024

DAILY MARKET REPORT – 01/08/2024

Welcome along to August.

Further upwards movement seen in yesterdays session as news relating to activity in the Middle East appears to dominate the underlying concerns.

After several weeks of prolonged outage, Visund returned to full service, but this morning we see another asset under reduced capacity.

Yesterday saw the TTF Front Month contract settle at €35.87 (from €35.08) and the NBP Front Month contract at 86.98p (from 84.96p).

Sleipner on unplanned outage this morning and we see a flow level at 340mcm (344) Russian nominations showing Velke Kapusany at 40.0mcm (41.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 84.92% 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 €36, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €39 (vs €36 and €39)
Curve NBP Front Month 87p, Front Season 101p (vs 85p and 99p)
UK Gas NBP spot 79p (from 81p)
UK Power DA £82 (from £78)

UK power prices show the UK Front Month Baseload contract at £74 (£69) and Front Season at £87 (£86).

In other areas of the market Brent Oil is at $81 ($79) and EUAs are at €69 (€69). Henry Hub is at $2.04 ($2.13) and JKM is at $12.53 ($12.48) with TTF Equiv of $11.40 ($11.14).

Numbers in brackets show the previous reports value.