Market Insight
Tony Jordan
30 March 2023

Market Insights 30/03/2023


A fairly muted day in the markets yesterday overall to close level with the previous day.

Both Centrica and OVO are said to have taken interest in acquiring Shell Energy, according to Sky News, with OVO wanting to gain market share after it lost out on taking on Bulb to Octopus Energy. Meanwhile Centrica have announced plans to reduce its prepayment tariffs from April after recent coverage of its forced meter installations made headlines.

The European Union are set to announce a more aggressive target for renewable energy mix to replace Russian gas in the years to come. Reuters reports that the EU enjoyed 22% of renewable energy in 2021 and had a target to increase this to 32% by 2030 but will now increase this to 42.5% by the same date.

Yesterday saw the TTF April contract settle at €42.80 (from €42.75) and the NBP April contract at 105.63p (from 105.88p).

No unplanned outage this morning and we see a flow level at 339mcm from Norway (341). Russian nominations showing Velke Kapusany at 36.9mcm (37.6) and Sudzha at 41.7mcm (42.4). Nord Stream remains unavailable.  Gas storage showing at 55.68% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 6.

This morning we see the April TTF contract at €42, DOWN €1 to the previous settlement. 

A quick check on some key contracts:
Curve TTF April €42, Summer €43 (vs €43 and €43)
Curve NBP April 106p, Summer 108p (vs 106p and 108p)
UK Gas NBP spot 110p (from 106p).
UK Power DA £105 (from £107).

UK power prices show the UK April Baseload contract at £111 (£111) and Summer at £120 (£117).

In other areas of the market Brent Oil is at $78 ($79) and EUAs are at €90 (€89). Henry Hub is at $2.18 ($2.03) and JKM is at $12.54 ($12.51) with TTF Equiv of $13.59 ($13.59).

Numbers in brackets show the previous reports value.