Market Insight
Tony Jordan
24 March 2023

Market Insights 24/03/2023


Bullish once again in yesterdays session as the markets continue to ‘yo-yo’ and stay close to key levels.

Strikes in France continue which are affecting the country’s nuclear power stations and LNG terminals.

The latest long term weather forecasts show another ‘dip’ in temperatures to be expected early next week before quickly rising again towards the end of the week before settling around 1 degree Celsius below seasonal normal throughout April.

Yesterday saw the TTF April contract settle at €43.19 (from €39.97) and the NBP April contract at 106.54p (from 97.72p).

No unplanned outage this morning and we see a flow level at 326mcm from Norway (321). Russian nominations showing Velke Kapusany at 36.9mcm (35.6) and Sudzha at 42.4mcm (41.0). Nord Stream remains unavailable.  Gas storage showing at 55.62% 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 €43, NO CHANGE to the previous settlement. 

A quick check on some key contracts:
Curve TTF April €43, Summer €44 (vs €43 and €41)
Curve NBP April 107p, Summer 110p (vs 98p and 103p)
UK Gas NBP spot 107p (from 96p).
UK Power DA £89 (from £88).

UK power prices show the UK April Baseload contract at £111 (£106) and Summer at £119 (£115).

In other areas of the market Brent Oil is at $76 ($77) and EUAs are at €93 (€90). Henry Hub is at $2.15 ($2.17) and JKM is at $13.34 ($12.64) with TTF Equiv of $13.79 ($12.65).

Numbers in brackets show the previous reports value.