A continued rise in energy markets yesterday across the board.
The EU fight over the proposed price cap, with Spain being vocally against the idea citing it will have the opposite effect intended.
Germany has the first floating LNG terminal arrive to help it manage the loss of Russian gas this winter.
The big story in the UK this morning is the release of the Ofgem price cap. Although redundant to consumers, as the governments price cap guarantee of £2,500 continues to supersede it, the announcement made at 7am this morning is a value of £4,279. AUXILIONE released its forecast to multiple journalists in recent days in order to help calculate the expected cost of the government support this winter of some £23bn (or £950 per household).
We expect the April cap (at current market rates) to be around £3,900 which is still above the governments announced support level of £3,000. Note that the calculation for this period has only just started and finishes in mid-February.
Yesterday saw the TTF December contract settle at €129.62 (from €119.64) and the NBP November contract at 301.72p (from 274.29p).
No unplanned outage this morning and we see a flow level at 319mcm from Norway (339). Russian nominations showing Velke Kapusany at 38.5mcm (41.7) and Sudzha at 42.4mcm (42.4). Flows on Nord Stream are now a likely physical impossibility. Gas storage showing at 94.58% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 13.
This morning we see the December TTF contract at €133, UP €3 to the previous settlement.
A quick check on some key contracts:
Curve TTF December €133, Summer €135 (vs €130 and €129)
Curve NBP December 302p, Summer 319p (vs 274p and 307p)
UK Gas NBP spot 155p (from 124p).
UK Power DA £126 (from £126).
UK power prices show the UK December Baseload contract at £305 (£282) and Summer at £276 (£273).
In other areas of the market Brent Oil is at $85 ($88) and EUAs are at €76 (€74). Henry Hub is at $7.31 ($6.78) and JKM is at $31.12 ($29.22).