Market Insights 06/11/2024

DAILY MARKET REPORT – 06/11/2024

A small uptick in prices, although hardly noticeable, in yesterdays session as the market holds firm at the current levels.

Impact of the US elections may affect global markets across the world today, although it is starting to become apparent on who the winner is likely to be.

Spot prices, particularly in power, continue to rise to levels not seen for a while. In yesterdays day ahead auction for delivery today, in some hours, the UK market topped £300/MWh.

Yesterday saw the TTF Front Month contract settle at €40.49 (from €40.30) and the NBP Front Month contract at 102.69p (from 102.46p).

No unplanned outage this morning and we see a flow level at 334mcm (325) Russian nominations showing Velke Kapusany at 41.2mcm (41.2) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 95.01% 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 €40, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €40, Front Season €39 (vs €40 and €39)
Curve NBP Front Month 103p, Front Season 96p (vs 102p and 95p)
UK Gas NBP spot 102p (from 102p)
UK Power Base spot £127 (from £116)

UK power prices show the UK Front Month Baseload contract at £86 (£86) and Front Season at £75 (£75).

In other areas of the market Brent Oil is at $76 ($75) and EUAs are at €64 (€65). Henry Hub is at $2.67 ($2.78) and JKM is at $13.54 ($13.48) with TTF Equiv of $12.97 ($12.87).

Numbers in brackets show the previous reports value.