DAILY MARKET REPORT – 07/08/2024
An as you were session seen yesterday after losses seen on Monday were unwound and rose again.
LNG deliveries still showing limited expectation throughout August with no cargoes expected in the UK and just 14 across the main points across Europe.
Temperatures are expected to rise for a day or two early next week before sticking close to seasonal normal levels as that now starts its natural decline towards winter.
Yesterday saw the TTF Front Month contract settle at €36.68 (from €35.50) and the NBP Front Month contract at 90.29p (from 87.05p).
No unplanned outage this morning and we see a flow level at 344mcm (351) Russian nominations showing Velke Kapusany at 35.8mcm (39.0) and Sudzha at 39.5mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 86.29% 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 €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 77p (from 78p)
UK Power DA £53 (from £74)
UK power prices show the UK Front Month Baseload contract at £77 (£75) and Front Season at £90 (£87).
In other areas of the market Brent Oil is at $76 ($76) and EUAs are at €70 (€69). Henry Hub is at $2.01 ($1.94) and JKM is at $12.51 ($12.45) with TTF Equiv of $11.76 ($11.42).
Numbers in brackets show the previous reports value.
Market Insights 07/08/2024
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