Market Insight
Tony Jordan
8 February 2023

Market Insights 08/02/2023


A downward movement in the market yesterday across the board as we once again find ourselves staying the recent range found over the last couple of weeks.

UK Prime Minister Rishi Sunak announced a reshuffle which will see the Department for Business, Energy and Industrial Strategy (BEIS) cut into new departments with a specific new one focused on Energy Security and Net Zero. Plenty of amusing guesses as to the new acronym to be used for this new department.

Further to Shell and bp announcing record profits for 2022, Norways Equinor has posted $75bn and Frances TotalEnergies $36bn. This takes the total profit of the four to almost $180bn ($500m per day!).

Yesterday saw the TTF March contract settle at €55.40 (from €58.11) and the NBP March contract at 140.04p (from 146.98p).

Aasta Hansteen remains on unplanned outage this morning and we see a flow level at 331mcm from Norway (332). Russian nominations showing Velke Kapusany at 25.2mcm (23.6) and Sudzha at 30.8mcm (29.3). 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 10.

This morning we see the March TTF contract at €54, DOWN €1 to the previous settlement. 

A quick check on some key contracts:
Curve TTF March €54, Summer €57 (vs €55 and €60)
Curve NBP March 140p, Summer 145p (vs 147p and 151p)
UK Gas NBP spot 144p (from 147p).
UK Power DA £146 (from £171).

UK power prices show the UK March Baseload contract at £147 (£148) and Summer at £147 (£153).

In other areas of the market Brent Oil is at $84 ($81) and EUAs are at €90 (€91). Henry Hub is at $2.58 ($2.46) and JKM is at $18.19 ($18.50) with TTF Equiv of $18.28 ($17.40).

Numbers in brackets show the previous reports value.