Market Insights 18/10/2024

DAILY MARKET REPORT – 18/10/2024

A fairly quiet day as prices remained flat to the previous session yesterday.

No change to the overall outlook with plenty of gas held in EU storage facilities and temperature forecasts for the week ahead continue to show seasonal normal expectations.

Yesterday saw the TTF Front Month contract settle at €39.65 (from €39.24) and the NBP Front Month contract at 98.60p (from 97.60p).

Gullfaks remains on unplanned outage this morning and we see a flow level at 304mcm (309) Russian nominations showing Velke Kapusany at 37.6mcm (37.7) and Sudzha at 42.2mcm (42.2). Nord Stream remains unavailable. EU gas storage showing at 95.05% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

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 €38 (vs €40 and €38)
Curve NBP Front Month 99p, Front Season 93p (vs 98p and 93p)
UK Gas NBP spot 94p (from 96p)
UK Power Base spot £87 (from £91)

UK power prices show the UK Front Month Baseload contract at £86 (£86) and Front Season at £74 (£74).

In other areas of the market Brent Oil is at $74 ($74) and EUAs are at €63 (€63). Henry Hub is at $2.35 ($2.37) and JKM is at $13.50 ($13.47) with TTF Equiv of $12.60 ($12.51).

Numbers in brackets show the previous reports value.