Market Insights 06/09/2024

DAILY MARKET REPORT – 06/09/2024

A slight increase in prices seen in yesterdays session, following a series of decreases in previous sessions.

No change to the outlook across the board.

Yesterday Russian President Putin commented that he hoped gas transit would continue towards through Ukraine post the end of year transit contract expiry, but accepted that was unlikely.

Yesterday saw the TTF Front Month contract settle at €36.20 (from €35.80) and the NBP Front Month contract at 86.99p (from 85.98p).

No unplanned outage this morning and we see a flow level at 192mcm (190) Russian nominations showing Velke Kapusany at 38.0mcm (39.1) and Sudzha at 42.3mcm (42.2). Nord Stream remains unavailable. EU gas storage showing at 92.65% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 4.

This morning we see the Front Month TTF contract at €37, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €39 (vs €36 and €38)
Curve NBP Front Month 87p, Front Season 98p (vs 86p and 97p)
UK Gas NBP spot 87p (from 85p)
UK Power spot £75 (from £81)

UK power prices show the UK Front Month Baseload contract at £74 (£73) and Front Season at £86 (£86).

In other areas of the market Brent Oil is at $73 ($73) and EUAs are at €66 (€67). Henry Hub is at $2.25 ($2.15) and JKM is at $13.82 ($13.79) with TTF Equiv of $11.79 ($11.64).

Numbers in brackets show the previous reports value.