DAILY MARKET REPORT – 05/12/2024
Markets breathed a little yesterday after holding at elevated levels for some days now. A drop in levels was seen to pull back from those highs will be a welcome relief.
Underlying fundamentals remain unchanged from recent days with flows remaining steady, including those of LNG cargoes expected to land in the weeks ahead.
Yesterday saw the TTF Front Month contract settle at €47.05 (from €48.56) and the NBP Front Month contract at 117.24p (from 121.57p).
No unplanned outage this morning and we see a flow level at 339mcm (333) Russian nominations showing Velke Kapusany at 39.5mcm (39.1) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 84.16% (84.65%) full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 12 (12).
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 117p, Front Season 109p (vs 122p and 112p)
UK Gas NBP spot 119p (from 121p)
UK Power Base spot £93 (from £126)
UK power prices show the UK Front Month Baseload contract at £99 (£103) and Front Season at £83 (£85).
In other areas of the market Brent Oil is at $72 ($74) and EUAs are at €68 (€68). Henry Hub is at $3.04 ($3.04) and JKM is at $15.08 ($15.13) with TTF Equiv of $14.53 ($14.99).
Numbers in brackets show the previous reports value.
Market Insights 05/12/2024
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