Energy Market Update - 25 April 2024

The energy market has witnessed a slight increase in prices due to colder temperatures and reduced Norwegian gas flow.

The ongoing maintenance at Nyhamna has notably impacted the gas flow from Norway, leading to stagnant gas injections into storage facilities across Europe. Despite these challenges, the TTF Front Month contract saw an increase, settling at €30, up from €29.02. Similarly, the NBP Front Month contract rose to 73p from 72.61p, influenced by the tightened supply.

Storage levels remain relatively stable with EU gas storage at 61.87% capacity. The Nord Stream pipeline's continued unavailability further complicates the supply dynamics, although this is somewhat mitigated by the expected arrival of two LNG vessels in the UK within the next two weeks. Meanwhile, the energy market is also keeping an eye on Russian gas flows, which show minor variations at key entry points like Velke Kapusany and Sudzha.

On the commodities front, there are no significant changes in the oil and EU Allowances markets, both remaining stable. Brent Oil is priced at $88 per barrel, and EUAs are steady at €66. The Henry Hub spot price has seen a decrease to $1.65, reflecting some volatility in the natural gas market. This daily report reflects the ongoing complexities in the energy market, with influences ranging from maintenance activities to global commodity trends.