DAILY MARKET REPORT – 12/09/2024
A slight uptick seen in yesterdays session as the US prepares for Hurricane Francine, evacuating oil and gas platforms, but also putting its LNG infrastructure on alert which may impact exports.
Warmer temperatures are expected at the weekend and into next week after a few days of below seasonal normal levels in recent days.
Yesterday saw the TTF Front Month contract settle at €36.14 (from €35.28) and the NBP Front Month contract at 87.31p (from 84.58p).
No unplanned outage this morning and we see a flow level at 197mcm (193) Russian nominations showing Velke Kapusany at 38.3mcm (38.0) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 93.19% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.
This morning we see the Front Month TTF contract at €36, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €38 (vs €36 and €38)
Curve NBP Front Month 87p, Front Season 97p (vs 85p and 96p)
UK Gas NBP spot 90p (from 87p)
UK Power Base spot £80 (from £60)
UK power prices show the UK Front Month Baseload contract at £74 (£72) and Front Season at £86 (£85).
In other areas of the market Brent Oil is at $71 ($69) and EUAs are at €66 (€65). Henry Hub is at $2.27 ($2.23) and JKM is at $13.74 ($13.79) with TTF Equiv of $11.67 ($11.41).
Numbers in brackets show the previous reports value.
Market Insights 12/09/2024
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