DAILY MARKET REPORT – 10/12/2024
A bearish start to the week seen in yesterdays session as the market sees no negative impact from the weekends events in the Middle East.
Underlying fundamentals remain unchanged which has allowed some profit taking ahead of the Xmas break, perhaps removing some of the risk premium held in recent weeks.
Yesterday saw the TTF Front Month contract settle at €44.86 (from €46.48) and the NBP Front Month contract at 111.46p (from 115.87p).
Asgard on unplanned outage this morning and we see a Norwegian flow nomination level at 335mcm (332), Russian nominations showing Velke Kapusany at 40.4mcm (39.0) and Sudzha at 42.3mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 82.05% (82.38%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 11 (11).
This morning we see the Front Month TTF contract at €45, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €45, Front Season €43 (vs €45 and €45)
Curve NBP Front Month 111p, Front Season 104p (vs 116p and 108p)
UK Gas NBP spot 111p (from 116p)
UK Power Base spot £114 (from £94)
UK power prices show the UK Front Month Baseload contract at £96 (£98) and Front Season at £79 (£82).
In other areas of the market Brent Oil is at $72 ($71) and EUAs are at €66 (€68). Henry Hub is at $3.18 ($3.08) and JKM is at $15.06 ($15.08) with TTF Equiv of $13.92 ($14.41).
Numbers in brackets show the previous reports value.
Market Insights 10/12/2024
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