Market Insights 14/10/2024

DAILY MARKET REPORT – 14/10/2024

A small downward movement seen to end the week on Friday, but still holding close to key levels reached.

Little change in the outlook with eyes remaining on the Middle East, whilst some further issues in the Norwegian gas infrastructure limits the output capacity of several assets this morning.

Friday saw the TTF Front Month contract settle at €39.88 (from €40.29) and the NBP Front Month contract at 99.37p (from 100.42p).

Oseberg and Kristin join Gullfaks and Troll which remain on unplanned outage this morning and we see a flow level at 316mcm (321) Russian nominations showing Velke Kapusany at 38.2mcm (38.5) and Sudzha at 42.1mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 94.93% 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 €39, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €39, Front Season €39 (vs €40 and €39)
Curve NBP Front Month 99p, Front Season 95p (vs 100p and 96p)
UK Gas NBP spot 97p (from 98p)
UK Power Base spot £105 (from £88)

UK power prices show the UK Front Month Baseload contract at £87 (£87) and Front Season at £76 (£76).

In other areas of the market Brent Oil is at $79 ($79) and EUAs are at €65 (€65). Henry Hub is at $2.63 ($2.68) and JKM is at $13.08 ($13.08) with TTF Equiv of $12.80 ($12.91).

Numbers in brackets show the previous reports value.