DAILY MARKET REPORT – 18/12/2024
After a series of downward sessions, yesterday saw a reversal as the market moved back upwards.
A mix of technical levels being hit and comments made around the Ukraine transit deal expiry left the market a little nervous.
Several parties supporting Slovakia in a request a continuation of the transit deal, with the EU confirming it has no interest in preserving Russian gas flows.
Yesterday saw the TTF Front Month contract settle at €42.07 (from €40.28) and the NBP Front Month contract at 104.29p (from 100.39p).
Gullfaksjoins Kollsnes and Karsto on unplanned outage this morning and we see a Norwegian flow nomination level at 337mcm (336), Russian nominations showing Velke Kapusany at 38.0mcm (38.3) and Sudzha at 42.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 77.49% (77.91%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 8 (8).
This morning we see the Front Month TTF contract at €42, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €42, Front Season €42 (vs €42 and €40)
Curve NBP Front Month 104p, Front Season 100p (vs 100p and 96p)
UK Gas NBP spot 102p (from 95p)
UK Power Base spot £60 (from £83)
UK power prices show the UK Front Month Baseload contract at £90 (£87) and Front Season at £77 (£74).
In other areas of the market Brent Oil is at $73 ($74) and EUAs are at €64 (€65). Henry Hub is at $3.31 ($3.21) and JKM is at $13.32 ($12.77) with TTF Equiv of $12.95 ($12.40).
Numbers in brackets show the previous reports value.
Market Insights 18/12/2024
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