DAILY MARKET REPORT – 06/02/2023
Markets closed on a bullish note to close the week as near-term cold is set to take hold for a few days. As previously noted, this passes later this week the rest of February is expected to hold above seasonal normal before dipping below again as we get into March.
Meanwhile EU gas stocks dip below 70%, whilst the queue of LNG tankers approaching the UK dips below 10 for the first time in a while.
National Grid ESO has put coal stations on standby once again.
Friday saw the TTF March contract settle at €57.89 (from €57.04) and the NBP March contract at 147.89p (from 143.97p).
Aasta Hansteen is on unplanned outage this morning and we see a flow level at 335mcm from Norway (335). Russian nominations showing Velke Kapusany at 23.6mcm (25.2) and Sudzha at 29.3mcm (30.8). Nord Stream remains unavailable. Gas storage showing at 69.49% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 8.
This morning we see the March TTF contract at €57, DOWN €1 to the previous settlement.
A quick check on some key contracts:
Curve TTF March €57, Summer €60 (vs €58 and €59)
Curve NBP March 148p, Summer 154p (vs 144p and 151p)
UK Gas NBP spot 174p (from 145p).
UK Power DA £157 (from £128).
UK power prices show the UK March Baseload contract at £152 (£150) and Summer at £155 (£152).
In other areas of the market Brent Oil is at $80 ($82) and EUAs are at €93 (€93). Henry Hub is at $2.41 ($2.46) and JKM is at $18.53 ($18.37) with TTF Equiv of $18.41 ($18.28).
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