Market Insights 07/11/2024

DAILY MARKET REPORT – 07/11/2024

The markets in general (even wider than energy) appeared to like the US election result as it was confirmed that Donald Trump would serve as the US President for a second time.

Energy markets saw a small decline, but was hardly noticeable by the end of the day.

Temperature forecasts into next week have been revised downwards, just below seasonal normal and gas storage is now well into withdrawal mode after holding just above 95% for a while is now slowly reducing.

Yesterday saw the TTF Front Month contract settle at €40.39 (from €40.49) and the NBP Front Month contract at 101.84p (from 102.69p).

Oseberg on unplanned outage this morning and we see a flow level at 333mcm (334) Russian nominations showing Velke Kapusany at 41.1mcm (41.2) and Sudzha at 42.4mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 94.75% 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, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €41, Front Season €39 (vs €40 and €39)
Curve NBP Front Month 102p, Front Season 95p (vs 103p and 96p)
UK Gas NBP spot 104p (from 102p)
UK Power Base spot £97 (from £127)

UK power prices show the UK Front Month Baseload contract at £85 (£86) and Front Season at £75 (£75).

In other areas of the market Brent Oil is at $75 ($76) and EUAs are at €64 (€64). Henry Hub is at $2.75 ($2.67) and JKM is at $13.50 ($13.54) with TTF Equiv of $12.71 ($12.97).

Numbers in brackets show the previous reports value.