Market Insights 02/09/2024

DAILY MARKET REPORT – 02/09/2024

Welcome along to September, the final delivery month of the summer.

Last week saw prices rise towards the end of the week as activity on the Ukraine-Russia border intensified – especially as it appeared to be focussed on energy infrastructure.

That will continue to inject nervousness into the energy markets globally. This month also sees plenty of Norwegian planned maintenance and we are down by around one-third to normal delivery levels as a result.

Friday saw the TTF Front Month contract settle at €39.82 (from €38.86) and the NBP Front Month contract at 96.15p (from 94.16p).

No unplanned outage this morning and we see a flow level at 196mcm (236) Russian nominations showing Velke Kapusany at 37.8mcm (38.4) and Sudzha at 42.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 92.40% 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 €40, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €40, Front Season €42 (vs €40 and €41)
Curve NBP Front Month 96p, Front Season 106p (vs 94p and 104p)
UK Gas NBP spot 95p (from 91p)
UK Power DA £91 (from £90)

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

In other areas of the market Brent Oil is at $77 ($80) and EUAs are at €70 (€71). Henry Hub is at $2.13 ($2.14) and JKM is at $14.09 ($14.01) with TTF Equiv of $12.92 ($12.63).

Numbers in brackets show the previous reports value.