DAILY MARKET REPORT – 08/08/2024
Discussions around explosions close to energy infrastructure in Ukraine appeared to be the main driver to an upwards drive in market prices yesterday.
Today we see nominations through Ukraine at lower levels that we’ve seen of late.
The above, combined with ongoing underlying concerns of clashes in the Middle East, rumble further nervousness in an already nervous market.
Yesterday saw the TTF Front Month contract settle at €38.45 (from €36.68) and the NBP Front Month contract at 94.46p (from 90.29p).
No unplanned outage this morning and we see a flow level at 348mcm (344) Russian nominations showing Velke Kapusany at 34.2mcm (35.8) and Sudzha at 37.3mcm (39.5). Nord Stream remains unavailable. EU gas storage showing at 86.48% 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 €39, UP €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €38, Front Season €41 (vs €38 and €40)
Curve NBP Front Month 94p, Front Season 107p (vs 90p and 103p)
UK Gas NBP spot 81p (from 77p)
UK Power DA £67 (from £53)
UK power prices show the UK Front Month Baseload contract at £80 (£77) and Front Season at £91(£90).
In other areas of the market Brent Oil is at $78 ($76) and EUAs are at €71 (€70). Henry Hub is at $2.11 ($2.01) and JKM is at $12.54 ($12.51) with TTF Equiv of $12.33 ($11.76).
Numbers in brackets show the previous reports value.
Market Insight
Tony Jordan
8 August 2024
Market Insights 08/08/2024
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