DAILY MARKET REPORT – 27/08/2024
A slight uptick to end the week seen in Fridays session before an extended weekend thanks to the UK Bank Holiday.
Escalations continue to rumble both in the Middle East and on the Ukraine-Russia border in recent days, which will continue to inject some nervousness into the energy markets.
Temperatures are now expected to slowly dip in line with the seasonal normal trajectory over the coming weeks as we head towards September – the last month of the summer delivery.
Friday saw the TTF Front Month contract settle at €37.66 (from €36.59) and the NBP Front Month contract at 88.63p (from 87.52p).
No unplanned outage this morning and we see a flow level at 312mcm (316) Russian nominations showing Velke Kapusany at 38.3mcm (38.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 91.60% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 3.
This morning we see the Front Month TTF contract at €37, DOWN €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €37, Front Season €41 (vs €38 and €40)
Curve NBP Front Month 89p, Front Season 103p (vs 88p and 102p)
UK Gas NBP spot 83p (from 89p)
UK Power DA £59 (from £32)
UK power prices show the UK Front Month Baseload contract at £77 (£77) and Front Season at £90 (£89).
In other areas of the market Brent Oil is at $81 ($77) and EUAs are at €70 (€72). Henry Hub is at $1.96 ($2.05) and JKM is at $13.82 ($13.75) with TTF Equiv of $12.33 ($11.92).
Numbers in brackets show the previous reports value.
Market Insights 27/08/2024
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