Market Insight
Tony Jordan
10 October 2024

Market Insights 10/10/2024

DAILY MARKET REPORT – 10/10/2024

A further bearish session yesterday, continuing to unwind the gains seen late last week as the market takes out some of the premium injected in recent weeks once again.

Geopolitical factors remain the key driver to movements in either direction with eyes focussed on what happens next in the Middle East.

Yesterday saw the TTF Front Month contract settle at €38.34 (from €38.92) and the NBP Front Month contract at 95.58p (from 97.14p).

Gullfaks and Troll remain on unplanned outage this morning and we see a flow level at 311mcm (308) Russian nominations showing Velke Kapusany at 38.5mcm (38.4) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 94.64% 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 €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 €37 (vs €38 and €38)
Curve NBP Front Month 96p, Front Season 92p (vs 97p and 93p)
UK Gas NBP spot 95p (from 93p)
UK Power Base spot £73 (from £79)

UK power prices show the UK Front Month Baseload contract at £83 (£84) and Front Season at £74 (£74).

In other areas of the market Brent Oil is at $77 ($77) and EUAs are at €62(€60). Henry Hub is at $2.66 ($2.73) and JKM is at $13.07 ($13.10) with TTF Equiv of $12.32 ($12.52).

Numbers in brackets show the previous reports value.