Market Insights 15/08/2024

DAILY MARKET REPORT – 15/08/2024

Another calm session seen yesterday as the market seems to have run out of steam following its upwards rally last week.

EU gas stocks are now approaching the key 90% level, which it must reach by the end of October each year.

Yesterday saw the TTF Front Month contract settle at €38.97 (from €39.48) and the NBP Front Month contract at 94.19p (from 95.94p).

No unplanned outage this morning and we see a flow level at 331mcm (332) Russian nominations showing Velke Kapusany at 38.8mcm (38.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 88.24% 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 €39, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €39, Front Season €42 (vs €39 and €43)
Curve NBP Front Month 94p, Front Season 110p (vs 96p and 110p)
UK Gas NBP spot 78p (from 84p)
UK Power DA £55 (from £80)

UK power prices show the UK Front Month Baseload contract at £80 (£80) and Front Season at £94 (£93).

In other areas of the market Brent Oil is at $80 ($81) and EUAs are at €72 (€71). Henry Hub is at $2.22 ($2.15) and JKM is at $12.72 ($12.66) with TTF Equiv of $12.59 ($12.69).

Numbers in brackets show the previous reports value.