Market Insight
Tony Jordan
31 March 2023

Market Insights 31/03/2023


Welcome to the last day of winter delivery. The market closed off the April and Summer contracts yesterday as May and (next) Winter become the front month and season respectively.

The UK has announced its ‘green day’ plans with Grant Shapps outlining the focus is on energy security for the future in a 1,000 page document released which included plans for further investment into offshore wind, carbon capture and speeding up development of solar projects and electric vehicle charging infrastructure.

The Financial Times report that energy trading house Vitol is set announce record profits of some $15bn for the last year.

Yesterday saw the TTF May contract settle at €43.58 (from €42.68) and the NBP May contract at 108.10p (from 105.72p).

No unplanned outage this morning and we see a flow level at 343mcm from Norway (339). Russian nominations showing Velke Kapusany at 37.0mcm (36.9) and Sudzha at 41.7mcm (41.7). 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 May TTF contract at €43, DOWN €1 to the previous settlement. 

A quick check on some key contracts:
Curve TTF May €43, Winter €54 (vs €44 and €53)
Curve NBP May 108p, Winter 141p (vs 106p and 135p)
UK Gas NBP spot 103p (from 110p).
UK Power DA £110 (from £105).

UK power prices show the UK April Baseload contract at £112 (£111) and Summer at £118 (£120).

In other areas of the market Brent Oil is at $79 ($78) and EUAs are at €91 (€90). Henry Hub is at $2.10 ($2.18) and JKM is at $12.70 ($12.54) with TTF Equiv of $13.59 ($13.95).

Numbers in brackets show the previous reports value.