Market Insights 29/08/2024

DAILY MARKET REPORT – 29/08/2024

A relatively flat session seen yesterday, with some small movements in either direction across the curve.

Norwegian output is lower today compared to yesterday as planned maintenance begins to take hold, expected to continue throughout much of September ahead of the winter delivery period.

Yesterday saw the TTF Front Month contract settle at €38.52 (from €38.69) and the NBP Front Month contract at 92.79p (from 93.25p).

No unplanned outage this morning and we see a flow level at 274mcm (306) Russian nominations showing Velke Kapusany at 38.4mcm (38.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 91.97% 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 €41 (vs €39 and €42)
Curve NBP Front Month 93p, Front Season 105p (vs 93p and 106p)
UK Gas NBP spot 89p (from 90p)
UK Power DA £85 (from £84)

UK power prices show the UK Front Month Baseload contract at £82 (£80) and Front Season at £92 (£92).

In other areas of the market Brent Oil is at $79 ($80) and EUAs are at €71 (€71). Henry Hub is at $2.10 ($1.90) and JKM is at $14.07 ($14.06) with TTF Equiv of $12.57 ($12.66).

Numbers in brackets show the previous reports value.