DAILY MARKET REPORT – 19/11/2024
After a soft start to the day, yesterday ended upwards as cold weather landed.
As prices has spiked in Europe, this has attracted plenty of LNG cargoes to head in this direction. In the UK we are now expecting 8 cargoes over the coming weeks – the highest it has been for a long time.
On another positive note, gas continues to flow as it has been in recent weeks, despite the ongoing concerns between Gazprom and OMV.
Yesterday saw the TTF Front Month contract settle at €46.90 (from €46.55) and the NBP Front Month contract at 118.68p (from 117.47p).
No unplanned outage this morning and we see a flow level at 340mcm (334) Russian nominations showing Velke Kapusany at 41.3mcm (41.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 90.73% (90.99%) full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 8 (7).
This morning we see the Front Month TTF contract at €47, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €47, Front Season €45 (vs €45 and €45)
Curve NBP Front Month 119p, Front Season 110p (vs 117p and 109p)
UK Gas NBP spot 120p (from 114p)
UK Power Base spot £103 (from £108)
UK power prices show the UK Front Month Baseload contract at £100 (£96) and Front Season at £85 (£84).
In other areas of the market Brent Oil is at $73 ($71) and EUAs are at €70 (€68). Henry Hub is at $2.97 ($2.82) and JKM is at $14.65 ($14.25) with TTF Equiv of $14.54 ($14.41).
Numbers in brackets show the previous reports value.
Market Insights 19/11/2024
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