DAILY MARKET REPORT – 12/08/2024
A small uptick in prices seen in Fridays session to end the week after a week of rises following growing concerns around escalations in the Middle East and also around the Ukraine/Russia border. This activity may continue for the foreseeable.
Warmer weather expected to start this week, before cooling back towards seasonal normal for the weeks ahead.
Friday saw the TTF Front Month contract settle at €40.40 (from €40.10) and the NBP Front Month contract at 98.65p (from 98.11p).
No unplanned outage this morning and we see a flow level at 330mcm (344) Russian nominations showing Velke Kapusany at 36.1mcm (35.0) and Sudzha at 39.6mcm (38.5). Nord Stream remains unavailable. EU gas storage showing at 87.26% 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 €40, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €40, Front Season €43 (vs €40 and €43)
Curve NBP Front Month 99p, Front Season 112p (vs 98p and 110p)
UK Gas NBP spot 86p (from 85p)
UK Power DA £46 (from £18)
UK power prices show the UK Front Month Baseload contract at £82 (£82) and Front Season at £94 (£94).
In other areas of the market Brent Oil is at $80 ($79) and EUAs are at €70 (€71). Henry Hub is at $2.14 ($2.13) and JKM is at $12.55 ($12.57) with TTF Equiv of $12.94 ($12.83).
Numbers in brackets show the previous reports value.
Market Insights 12/08/2024
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