Market Insights 28/08/2024

DAILY MARKET REPORT – 28/08/2024

Some further uptick seen in yesterdays session as we look to close out the final days of August with planned maintenance due on several Norwegian assets next month.

Yesterday saw the TTF Front Month contract settle at €38.69 (from €37.66) and the NBP Front Month contract at 93.25p (from 88.63p).

No unplanned outage this morning and we see a flow level at 306mcm (312) Russian nominations showing Velke Kapusany at 38.4mcm (38.3) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 91.83% 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 €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 €41)
Curve NBP Front Month 93p, Front Season 106p (vs 89p and 103p)
UK Gas NBP spot 90p (from 83p)
UK Power DA £84 (from £59)

UK power prices show the UK Front Month Baseload contract at £80 (£77) and Front Season at £92 (£90).

In other areas of the market Brent Oil is at $80 ($81) and EUAs are at €71 (€70). Henry Hub is at $1.90 ($1.96) and JKM is at $14.06 ($13.82) with TTF Equiv of $12.66 ($12.33).

Numbers in brackets show the previous reports value.