Market Insights 12/11/2024

DAILY MARKET REPORT – 12/11/2024

Prices pushed higher still, reaching impressive levels not seen for some time, in yesterdays session to get the week underway. This follows Hurricane Rafael in the Gulf of Mexico which has halted plenty of oil and gas production in the area in recent days

That said, the TTF sits firmly above €40 for the next year whilst the UKs NBP holds £1 for the same period with the near term prices holding most firm showing this is not a short term concern and underlying concerns around wider global events are still present.

Yesterday saw the TTF Front Month contract settle at €43.73 (from €42.41) and the NBP Front Month contract at 110.56p (from 107.41p).

No unplanned outage this morning and we see a flow level at 344mcm (346) Russian nominations showing Velke Kapusany at 41.2mcm (41.9) and Sudzha at 42.3mcm (42.2). Nord Stream remains unavailable. EU gas storage showing at 93.37% 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 €44, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €44, Front Season €42 (vs €44 and €41)
Curve NBP Front Month 111p, Front Season 103p (vs 107p and 100p)
UK Gas NBP spot 111p (from 104p)
UK Power Base spot £106 (from £96)

UK power prices show the UK Front Month Baseload contract at £92 (£90) and Front Season at £80 (£78).

In other areas of the market Brent Oil is at $72 ($74) and EUAs are at €68 (€68). Henry Hub is at $2.92 ($2.67) and JKM is at $13.55 ($13.55) with TTF Equiv of $13.66 ($13.34).

Numbers in brackets show the previous reports value.