DAILY MARKET REPORT – 23/10/2024
A continuation of the small upward movement seen yesterday as temperature forecasts for November were lowered below seasonal normal in the latest simulations which may start to add pressure to the supply/demand mix.
Yesterday saw the TTF Front Month contract settle at €40.70 (from €40.02) and the NBP Front Month contract at 101.89p (from 100.15p).
Sleipner on unplanned outage this morning and we see a flow level at 329mcm (337) Russian nominations showing Velke Kapusany at 37.9mcm (37.4) and Sudzha at 42.1mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 95.32% 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 €41, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €41, Front Season €39 (vs €41 and €39)
Curve NBP Front Month 102p, Front Season 96p (vs 100p and 94p)
UK Gas NBP spot 102p (from 101p)
UK Power Base spot £92 (from £89)
UK power prices show the UK Front Month Baseload contract at £89 (£87) and Front Season at £76 (£74).
In other areas of the market Brent Oil is at $76 ($74) and EUAs are at €62 (€62). Henry Hub is at $2.31 ($2.31) and JKM is at $13.53 ($13.34) with TTF Equiv of $12.90 ($12.70).
Numbers in brackets show the previous reports value.
Market Insights 23/10/2024
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