DAILY MARKET REPORT – 19/08/2024
A fairly level end to the week seen in Fridays session.
Over the weekend activity continued on the Ukraine-Russia border, close to key energy infrastructure, which will retain some level of concern.
Russia have formally complained to Germany and other Western countries about the investigation into the Nord Stream AG attacks, following the failed arrest of the key person wanted in connection who is believed to be a Ukrainian diver.
Friday saw the TTF Front Month contract settle at €39.64 (from €39.60) and the NBP Front Month contract at 95.28p (from 95.62p).
Gullfaks on unplanned outage this morning and we see a flow level at 325mcm (329) Russian nominations showing Velke Kapusany at 38.2mcm (38.2) and Sudzha at 42.1mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 89.40% 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, DOWN €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 €40 and €43)
Curve NBP Front Month 95p, Front Season 111p (vs 96p and 111p)
UK Gas NBP spot 85p (from 79p)
UK Power DA £80 (from £65)
UK power prices show the UK Front Month Baseload contract at £80 (£81) and Front Season at £95 (£95).
In other areas of the market Brent Oil is at $80 ($81) and EUAs are at €73 (€72). Henry Hub is at $2.12 ($2.20) and JKM is at $14.52 ($14.34) with TTF Equiv of $12.78 ($12.76).
Numbers in brackets show the previous reports value.
Market Insights 19/08/2024
Share