DAILY MARKET REPORT – 08/11/2024
Energy markets saw an uptick again in yesterdays session as colder temperatures are expected to creep in over the coming days which will start to draw in heating demand.
All eyes still remain on what changes President Elect Trump will make, or start discussing making, on policies that may effect energy prices – whether that be impacts to LNG output or his intent to bring ongoing global conflicts to an end.
Yesterday saw the TTF Front Month contract settle at €41.28 (from €40.39) and the NBP Front Month contract at 104.32p (from 101.84p).
Oseberg on unplanned outage this morning and we see a flow level at 332mcm (333) Russian nominations showing Velke Kapusany at 41.0mcm (41.1) and Sudzha at 42.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 94.43% 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 €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 95p)
UK Gas NBP spot 104p (from 104p)
UK Power Base spot £97 (from £97)
UK power prices show the UK Front Month Baseload contract at £87 (£85) and Front Season at £76 (£75).
In other areas of the market Brent Oil is at $76 ($75) and EUAs are at €66 (€64). Henry Hub is at $2.69 ($2.75) and JKM is at $13.50 ($13.50) with TTF Equiv of $13.07 ($12.71).
Numbers in brackets show the previous reports value.
Market Insights 08/11/2024
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