DAILY MARKET REPORT – 01/02/2023
The last trading day of January was a bullish one with prices rising around 5%.
Issues remain on the Norwegian fleet with Kollnes still on unplanned outage.
French power sector workers are planning to go on strike early next week.
Freeport LNG has sought regulator approval to start LNG liquefaction in the coming days, after being offline for some seven months.
Yesterday saw the TTF March contract settle at €57.35 (from €55.12) and the NBP March contract at 145.51p (from 139.40p).
Kollsnes remains on unplanned outage this morning and we see a flow level at 323mcm from Norway (323). Russian nominations showing Velke Kapusany at 23.7mcm (18.6) and Sudzha at 29.3mcm (24.2). Nord Stream remains unavailable. Gas storage showing at 72.65% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 13.
This morning we see the March TTF contract at €59, UP €2 to the previous settlement.
A quick check on some key contracts:
Curve TTF March €59, Summer €59 (vs €57 and €57)
Curve NBP March 146p, Summer 149p (vs 139p and 143p)
UK Gas NBP spot 150p (from 144p).
UK Power DA £123 (from £113).
UK power prices show the UK March Baseload contract at £147 (£144) and Summer at £151 (£143).
In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €93 (€90). Henry Hub is at $2.68 ($2.68) and JKM is at $19.03 ($19.49) with TTF Equiv of $18.28 ($17.56).
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