Market Insight
Tony Jordan
23 March 2023

Market Insights 23/03/2023


Back to bearish mode in yesterdays session as markets try to say close to key levels in recent days.

Freeport LNG appears to have had some ‘hiccups’ on its restart plans and has cancelled a small number of cargoes according to Reuters. This comes after the facility was shut in for some eight months following an explosion last summer.

Yesterday saw the TTF April contract settle at €39.97 (from €42.40) and the NBP April contract at 97.72p (from 103.37p).

No unplanned outage this morning and we see a flow level at 321mcm from Norway (334). Russian nominations showing Velke Kapusany at 35.6mcm (37.0) and Sudzha at 41.0mcm (42.4). Nord Stream remains unavailable.  Gas storage showing at 55.60% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 8.

This morning we see the April TTF contract at €41, UP €1 to the previous settlement. 

A quick check on some key contracts:
Curve TTF April €41, Summer €41 (vs €40 and €43)
Curve NBP April 98p, Summer 103p (vs 103p and 108p)
UK Gas NBP spot 96p (from 103p).
UK Power DA £88 (from £79).

UK power prices show the UK April Baseload contract at £106 (£105) and Summer at £115 (£115).

In other areas of the market Brent Oil is at $77 ($75) and EUAs are at €90 (€90). Henry Hub is at $2.17 ($2.35) and JKM is at $12.64 ($13.65) with TTF Equiv of $12.65 ($13.39).

Numbers in brackets show the previous reports value.