Market Insights 14/08/2024

DAILY MARKET REPORT – 14/08/2024

Another calm session seen yesterday, despite conflicts around key gas infrastructure continuing around the Ukraine-Russia border.

After many months of silence, and almost two years after the event, German investigative authorities have released an arrest warrant for a Ukrainian diving instructor believed to have been involved in the Nord Stream AG attacks in September 2022. Two other Ukrainian divers are also thought to have been involved, according to German media reports.

Yesterday saw the TTF Front Month contract settle at €39.48 (from €39.66) and the NBP Front Month contract at 95.94p (from 96.73p).

No unplanned outage this morning and we see a flow level at 332mcm (330) Russian nominations showing Velke Kapusany at 38.7mcm (39.9) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 87.85% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the Front Month TTF contract at €40, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €40, Front Season €43 (vs €39 and €43)
Curve NBP Front Month 96p, Front Season 110p (vs 97p and 110p)
UK Gas NBP spot 84p (from 83p)
UK Power DA £80 (from £73)

UK power prices show the UK Front Month Baseload contract at £80 (£81) and Front Season at £93 (£96).

In other areas of the market Brent Oil is at $81 ($82) and EUAs are at €71 (€73). Henry Hub is at $2.15 ($2.19) and JKM is at $12.66 ($12.63) with TTF Equiv of $12.69 ($12.71).

Numbers in brackets show the previous reports value.