Market Insights 27/09/2024

DAILY MARKET REPORT – 27/09/2024

Yesterdays session was looking softer until a turn in the afternoon which saw another rising session towards the end of the day.

Several news items seem to have unnerved the market including the UK announcing it is now sanctioning Russian LNG as well as further concerns surrounding the expiry of the Russian transit gas through Ukraine at the end of the year.

Yesterday saw the TTF Front Month contract settle at €37.89 (from €37.32) and the NBP Front Month contract at 91.41p (from 90.24p).

Asgard remains on unplanned outage this morning and we see a flow level at 277mcm (267) Russian nominations showing Velke Kapusany at 37.4mcm (37.4) and Sudzha at 42.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 93.98% 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 €38, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €38, Front Season €39 (vs €38 and €38)
Curve NBP Front Month 91p, Front Season 97p (vs 90p and 96p)
UK Gas NBP spot 91p (from 91p)
UK Power Base spot £54 (from £76)

UK power prices show the UK Front Month Baseload contract at £74 (£75) and Front Season at £84 (£81).

In other areas of the market Brent Oil is at $72 ($73) and EUAs are at €67 (€65). Henry Hub is at $2.675 ($2.64) and JKM is at $13.19 ($13.10) with TTF Equiv of $12.42 ($12.20).

Numbers in brackets show the previous reports value.