DAILY MARKET REPORT – 19/09/2024
Tiny movements seen in yesterdays session as the market tries to work out in which direction it wants to go next after a few up and down days in recent sessions.
As said for some time now, the underlying outlook remains unchanged but geopolitical tensions can change things very quickly. Escalations in the Middle East or on the Ukraine-Russia border continue to be closely monitored.
Yesterday saw the TTF Front Month contract settle at €35.25 (from €35.55) and the NBP Front Month contract at 84.28p (from 85.21p).
Oseberg remains on unplanned outage this morning and we see a flow level at 220mcm (235) Russian nominations showing Velke Kapusany at 37.3mcm (37.3) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 93.41% 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 €36, UP €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €38 (vs €35 and €38)
Curve NBP Front Month 84p, Front Season 94p (vs 85p and 95p)
UK Gas NBP spot 84p (from 80p)
UK Power Base spot £80 (from £79)
UK power prices show the UK Front Month Baseload contract at £70 (£70) and Front Season at £81 (£81).
In other areas of the market Brent Oil is at $74 ($74) and EUAs are at €64 (€64). Henry Hub is at $2.28 ($2.32) and JKM is at $13.22 ($13.30) with TTF Equiv of $11.49 ($11.59).
Numbers in brackets show the previous reports value.
Market Insights 19/09/2024
Share