DAILY MARKET REPORT – 13/12/2024
Another soft session yesterday sees prices fall away from their recent highs and back towards the €40 and £1 levels in the EU and UK gas markets respectively.
With the wind expected to return over the weekend, alongside some warmer temperatures, electricity spot prices are expected to return to ‘normal’ levels after hitting highs in recent days.
Yesterday saw the TTF Front Month contract settle at €42.80 (from €44.69) and the NBP Front Month contract at 106.18p (from 110.22p).
Kollsnes and Kvitebjorn on unplanned outage this morning and we see a Norwegian flow nomination level at 331mcm (330), Russian nominations showing Velke Kapusany at 39.4mcm (40.3) and Sudzha at 42.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 80.16% (80.90%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 11 (10).
This morning we see the Front Month TTF contract at €43, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €43, Front Season €42 (vs €43 and €43)
Curve NBP Front Month 106p, Front Season 101p (vs 110p and 104p)
UK Gas NBP spot 106p (from 110p)
UK Power Base spot £157 (from £215)
UK power prices show the UK Front Month Baseload contract at £92 (£96) and Front Season at £78 (£81).
In other areas of the market Brent Oil is at $73 ($74) and EUAs are at €66 (€69). Henry Hub is at $3.46 ($3.38) and JKM is at $14.95 ($15.00) with TTF Equiv of $13.19 ($13.77).
Numbers in brackets show the previous reports value.
Market Insights 13/12/2024
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