DAILY MARKET REPORT – 16/08/2024
A slight uptick seen in yesterdays session, unwinding the losses seen from Wednesday.
Continued escalations around the Ukraine-Russia border will be injecting some concerns, although they have been around for some time now, but markets will continue to react to any news as it holds an underlying nervousness.
Yesterday saw the TTF Front Month contract settle at €39.60 (from €38.97) and the NBP Front Month contract at 95.62p (from 94.19p).
No unplanned outage this morning and we see a flow level at 329mcm (331) Russian nominations showing Velke Kapusany at 38.2mcm (38.8) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 88.47% 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, 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 €42)
Curve NBP Front Month 96p, Front Season 111p (vs 94p and 110p)
UK Gas NBP spot 79p (from 78p)
UK Power DA £65 (from £55)
UK power prices show the UK Front Month Baseload contract at £81 (£80) and Front Season at £95 (£94).
In other areas of the market Brent Oil is at $81 ($80) and EUAs are at €72 (€72). Henry Hub is at $2.20 ($2.22) and JKM is at $14.34 ($12.72) with TTF Equiv of $12.76 ($12.59).
Numbers in brackets show the previous reports value.
Market Insights 16/08/2024
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