Market Insights 30/08/2024

DAILY MARKET REPORT – 30/08/2024

Another flat session yesterday as we look to close out August we have a new front month contract to observe (being October delivery) – which starts relatively flat to where September delivery pricing closed.

A further decline in Norwegian output as those planned outages start to take hold and we are down around 100mcm from the usual output levels as a result.

Yesterday saw the TTF Front Month contract settle at €38.86 (from €38.52) and the NBP Front Month contract at 94.16p (from 92.79p).

No unplanned outage this morning and we see a flow level at 236mcm (274) 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 91.98% 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 €41)
Curve NBP Front Month 94p, Front Season 104p (vs 93p and 105p)
UK Gas NBP spot 91p (from 89p)
UK Power DA £90 (from £85)

UK power prices show the UK Front Month Baseload contract at £81 (£82) and Front Season at £92 (£92).

In other areas of the market Brent Oil is at $80 ($79) and EUAs are at €71 (€71). Henry Hub is at $2.14 ($2.10) and JKM is at $14.01 ($14.07) with TTF Equiv of $12.63 ($12.57).

Numbers in brackets show the previous reports value.