DAILY MARKET REPORT – 24/10/2024
A further upward movement seen yesterday as the market now pushes the front season (Summer 2025) contract to those key levels of £1 and €40 for UK and EU gas respectively.
Yesterday saw the TTF Front Month contract settle at €41.38 (from €40.70) and the NBP Front Month contract at 103.68p (from 101.89p).
Oseberg joins Sleipner on unplanned outage this morning and we see a flow level at 322mcm (329) Russian nominations showing Velke Kapusany at 37.9mcm (37.9) and Sudzha at 42.2mcm (42.1). Nord Stream remains unavailable. EU gas storage showing at 95.30% 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 €42, UP €1 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €42, Front Season €40 (vs €41 and €39)
Curve NBP Front Month 104p, Front Season 98p (vs 102p and 96p)
UK Gas NBP spot 104p (from 102p)
UK Power Base spot £83 (from £92)
UK power prices show the UK Front Month Baseload contract at £91 (£89) and Front Season at £76 (£76).
In other areas of the market Brent Oil is at $75 ($76) and EUAs are at €65 (€62). Henry Hub is at $2.34 ($2.31) and JKM is at $13.60 ($13.53) with TTF Equiv of $13.08 ($12.90).
Numbers in brackets show the previous reports value.
Market Insights 24/10/2024
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