Market Insight
Tony Jordan
6 April 2023

Market Insights 06/04/2023


Another bearish session yesterday to follow the previous.

No major news to drive the direction, however the market remains to hold a positive outlook on supply and demand balances for the near future, helped by a healthy starting balance to the summer storage injection season and temperatures expected to be at or around seasonal normal for the weeks ahead.

Yesterday saw the TTF May contract settle at €44.58 (from €46.57) and the NBP May contract at 106.64p (from 114.86p).

No unplanned outage this morning and we see a flow level at 343mcm from Norway (344). Russian nominations showing Velke Kapusany at 36.9mcm (37.0) and Sudzha at 41.7mcm (41.7). Nord Stream remains unavailable.  Gas storage showing at 55.59% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 13.

This morning we see the May TTF contract at €45, NO CHANGE to the previous settlement. 

A quick check on some key contracts:
Curve TTF May €45, Winter €57 (vs €45 and €60)
Curve NBP May 107p, Winter 148p (vs 115p and 155p)
UK Gas NBP spot 100p (from 105p).
UK Power DA £115 (from £125).

UK power prices show the UK May Baseload contract at £115 (£121) and Winter at £165 (£174).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €97 (€95). Henry Hub is at $2.16 ($2.11) and JKM is at $12.68 ($13.16) with TTF Equiv of $14.29 ($14.97).

Numbers in brackets show the previous reports value.