DAILY MARKET REPORT – 29/11/2024
Apologies – no report issued yesterday due to technical difficulties
Markets remain elevated but stable as we reach the end of the week, and November, which now sees a new front month contract – January 2025.
Plenty of LNG heading towards the UK and Europe in the coming weeks as temperatures are forecast to hold relatively close to seasonal normal levels throughout December in the latest weather runs.
Yesterday saw the TTF Front Month contract settle at €46.68 (from €47.22) and the NBP Front Month contract at 117.55p (from 118.29p).
No unplanned outage this morning and we see a flow level at 328mcm (327) Russian nominations showing Velke Kapusany at 40.8mcm (42.6) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 86.65% (87.39%) full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 12 (8).
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 €47 and €46)
Curve NBP Front Month 118p, Front Season 109p (vs 118p and 111p)
UK Gas NBP spot 118p (from 119p)
UK Power Base spot £100 (from £100)
UK power prices show the UK Front Month Baseload contract at £93 (£95) and Front Season at £83 (£84).
In other areas of the market Brent Oil is at $73 ($73) and EUAs are at €68 (€69). Henry Hub is at $3.20 ($3.47) and JKM is at $15.02 ($14.94) with TTF Equiv of $14.46 ($14.51).
Numbers in brackets show the previous reports value.
Market Insights 29/11/2024
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