DAILY MARKET REPORT – 05/08/2024
A stable session seen on Friday, limiting the gains seen throughout last week.
Stronger Norwegian flows seen this morning compared to recent weeks as the LNG queue once again shows no ships on the horizon heading towards the UK.
Temperatures expected to hold above seasonal normal for the foreseeable, with some warmer days this week before settling the rest of August.
Friday saw the TTF Front Month contract settle at €36.65 (from €36.97) and the NBP Front Month contract at 89.80p (from 90.17p).
No unplanned outage this morning and we see a flow level at 356mcm (342) Russian nominations showing Velke Kapusany at 40.2mcm (39.6) and Sudzha at 42.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 85.70% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 0.
This morning we see the Front Month TTF contract at €36, DOWN €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €40 (vs €37 and €40)
Curve NBP Front Month 90p, Front Season 104p (vs 90p and 103p)
UK Gas NBP spot 84p (from 86p)
UK Power DA £60 (from £74)
UK power prices show the UK Front Month Baseload contract at £77 (£78) and Front Season at £89 (£90).
In other areas of the market Brent Oil is at $77 ($80) and EUAs are at €71 (€71). Henry Hub is at $1.97 ($1.97) and JKM is at $12.52 ($12.49) with TTF Equiv of $11.75 ($11.70).
Numbers in brackets show the previous reports value.
Market Insights 05/08/2024
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