DAILY MARKET REPORT – 10/09/2024
The uptick continued to get this week underway in yesterdays session as cooler temperatures combined with low ongoing Norwegian output put some upside pressure to prices, albeit staying rangebound for recent weeks.
The UK power spot price, hovering close to £90 for the month so far, saw it fall to £34 with negative pricing for some hours thanks to increased wind generation, although it is expected to increase again in this mornings auctions for tomorrow.
Yesterday saw the TTF Front Month contract settle at €37.33 (from €36.48) and the NBP Front Month contract at 89.94p (from 87.83p).
No unplanned outage this morning and we see a flow level at 190mcm (185) Russian nominations showing Velke Kapusany at 38.1mcm (37.8) and Sudzha at 42.2mcm (41.9). Nord Stream remains unavailable. EU gas storage showing at 92.99% 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, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €37, Front Season €40 (vs €37 and €39)
Curve NBP Front Month 90p, Front Season 100p (vs 88p and 98p)
UK Gas NBP spot 90p (from 88p)
UK Power Base spot £34 (from £82)
UK power prices show the UK Front Month Baseload contract at £75 (£75) and Front Season at £87 (£87).
In other areas of the market Brent Oil is at $72 ($71) and EUAs are at €67 (€67). Henry Hub is at $2.17 ($2.28) and JKM is at $13.78 ($13.79) with TTF Equiv of $12.09 ($11.87).
Numbers in brackets show the previous reports value.
Market Insights 10/09/2024
Share