Market Insights 16/09/2024

DAILY MARKET REPORT – 16/09/2024

A slight uptick seen in Fridays session to end the week after the bears tested some of the downward targets during the week.

No change to the overall outlook continues as temperatures are now expected to stay close to seasonal normal levels for the coming weeks as we head into winter delivery.

Friday saw the TTF Front Month contract settle at €35.65 (from €35.19) and the NBP Front Month contract at 85.76p (from 84.42p).

Aasta Hansteen on unplanned outage this morning and we see a flow level at 186mcm (192) Russian nominations showing Velke Kapusany at 37.6mcm (38.4) and Sudzha at 42.0mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 93.30% 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 €35, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €38 (vs €36 and €37)
Curve NBP Front Month 86p, Front Season 95p (vs 84p and 94p)
UK Gas NBP spot 85p (from 86p)
UK Power Base spot £84 (from £84)

UK power prices show the UK Front Month Baseload contract at £73 (£72) and Front Season at £85 (£84).

In other areas of the market Brent Oil is at $72 ($72) and EUAs are at €65 (€65). Henry Hub is at $2.31 ($2.36) and JKM is at $13.33 ($13.69) with TTF Equiv of $11.59 ($11.40).

Numbers in brackets show the previous reports value.