Market Insights 13/09/2024

DAILY MARKET REPORT – 13/09/2024

A bearish session seen yesterday as once again upward limits appear to be hit and we come back away from them.

No change to the overall outlook with warmer temperatures in line with seasonal normals expected to return next week and for the foreseeable and plenty of gas in store considerably ahead of time.

Yesterday saw the TTF Front Month contract settle at €35.19 (from €36.14) and the NBP Front Month contract at 84.42p (from 87.31p).

No unplanned outage this morning and we see a flow level at 192mcm (197) Russian nominations showing Velke Kapusany at 38.4mcm (38.3) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 93.24% 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 €35, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €37 (vs €35 and €38)
Curve NBP Front Month 84p, Front Season 94p (vs 87p and 97p)
UK Gas NBP spot 86p (from 90p)
UK Power Base spot £84 (from £80)

UK power prices show the UK Front Month Baseload contract at £72 (£74) and Front Season at £84 (£86).

In other areas of the market Brent Oil is at $72 ($71) and EUAs are at €65 (€66). Henry Hub is at $2.36 ($2.27) and JKM is at $13.69 ($13.74) with TTF Equiv of $11.40 ($11.67).

Numbers in brackets show the previous reports value.