DAILY MARKET REPORT – 31/10/2024
A decrease in price levels seen yesterday as potentially some profit taking at these levels takes place and relaxes the market a little.
Temperature forecasts for the coming days are above seasonal normal, which has changed significantly in recent weeks a number of times. Gas storage now starts to show withdrawals, albeit small declines in values and still holds close to 95%.
New front month contracts shown today as we reach the end of the month and November delivery contracts expire.
Yesterday saw the TTF Front Month contract settle at €41.38 (from €42.87) and the NBP Front Month contract at 104.74p (from 107.22p).
No unplanned outage this morning and we see a flow level at 337mcm (336) Russian nominations showing Velke Kapusany at 38.4mcm (40.7) and Sudzha at 42.4mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 95.22% 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 €40 (vs €41 and €41)
Curve NBP Front Month 105p, Front Season 97p (vs 107p and 100p)
UK Gas NBP spot 101p (from 108p)
UK Power Base spot £91 (from £103)
UK power prices show the UK Front Month Baseload contract at £91 (£96) and Front Season at £76 (£77).
In other areas of the market Brent Oil is at $73 ($71) and EUAs are at €65 (€67). Henry Hub is at $2.85 ($2.86) and JKM is at $13.52 ($13.69) with TTF Equiv of $13.18 ($13.57).
Numbers in brackets show the previous reports value.
Market Insights 31/10/2024
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