Market Insights 09/09/2024

DAILY MARKET REPORT – 09/09/2024

A small uptick to end the week seen in Fridays session.

Some cooler temperatures expected to start this week off, lower renewables output in recent days together with continued Norwegian planned maintenance – as well as an unexpected outage – may add some further concerns to get this week underway.

Friday saw the TTF Front Month contract settle at €36.48 (from €36.20) and the NBP Front Month contract at 87.83p (from 86.99p).

Dvalin unplanned outage this morning and we see a flow level at 185mcm (192) Russian nominations showing Velke Kapusany at 37.8mcm (38.0) and Sudzha at 41.9mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 92.85% 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 €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 €39)
Curve NBP Front Month 88p, Front Season 98p (vs 87p and 98p)
UK Gas NBP spot 88p (from 87p)
UK Power spot £82 (from £75)

UK power prices show the UK Front Month Baseload contract at £75 (£74) and Front Season at £87 (£86).

In other areas of the market Brent Oil is at $71 ($73) and EUAs are at €67 (€66). Henry Hub is at $2.28 ($2.25) and JKM is at $13.79 ($13.82) with TTF Equiv of $11.87 ($11.79).

Numbers in brackets show the previous reports value.