Market Insights 02/08/2024

DAILY MARKET REPORT – 02/08/2024

Further upside seen in yesterdays session as the market continues to hold fear around escalations in the Middle East with the underlying nervousness, which has lingered for a long time, still clearly visible.

Yesterday saw the TTF Front Month contract settle at €36.97 (from €35.87) and the NBP Front Month contract at 90.17p (from 86.98p).

No unplanned outage this morning and we see a flow level at 342mcm (340) Russian nominations showing Velke Kapusany at 39.6mcm (40.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 85.12% 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 €37, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €37, Front Season €40 (vs €37 and €39)
Curve NBP Front Month 90p, Front Season 103p (vs 87p and 101p)
UK Gas NBP spot 86p (from 79p)
UK Power DA £74 (from £82)

UK power prices show the UK Front Month Baseload contract at £78 (£74) and Front Season at £90 (£87).

In other areas of the market Brent Oil is at $80 ($81) and EUAs are at €71 (€69). Henry Hub is at $1.97 ($2.04) and JKM is at $12.49 ($12.53) with TTF Equiv of $11.70 ($11.40).

Numbers in brackets show the previous reports value.