DAILY MARKET REPORT – 26/09/2024
A revision of some colder temperatures to be expected in the first half of October may have injected some further concern into yesterdays session as we saw a rise once again – continuing the up-down circle we’ve seen of late.
Wider concerns surrounding continued escalation in the Middle East, Ukraine-Russia border and hurricanes hitting US energy infrastructure continue to underpin the markets nerves.
Yesterday saw the TTF Front Month contract settle at €37.32 (from €35.41) and the NBP Front Month contract at 90.24p (from 85.15p).
Karsto, Asgard and Sleipner all remain on unplanned outage this morning and we see a flow level at 267mcm (275) Russian nominations showing Velke Kapusany at 37.4mcm (37.6) and Sudzha at 42.4mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 93.90% 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 €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 €38 (vs €37 and €37)
Curve NBP Front Month 90p, Front Season 96p (vs 85p and 92p)
UK Gas NBP spot 91p (from 86p)
UK Power Base spot £76 (from £86)
UK power prices show the UK Front Month Baseload contract at £75 (£71) and Front Season at £81 (£80).
In other areas of the market Brent Oil is at $73 ($75) and EUAs are at €65 (€64). Henry Hub is at $2.64 ($2.55) and JKM is at $13.10 ($13.06) with TTF Equiv of $12.20 ($11.57).
Numbers in brackets show the previous reports value.
Market Insights 26/09/2024
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