Market Insight
Tony Jordan
13 April 2023

Market Insights 13/04/2023


A fairly level day in the markets yesterday as contracts hold position close to key levels seen commonly for the past few weeks now.

There’s little change in the current outlook generally, with gas storage now into injection mode for the summer and a steady stream of LNG arrivals to support it.

Yesterday saw the TTF May contract settle at €42.88 (from €43.69) and the NBP May contract at 100.80p (from 102.63p).

No unplanned outage this morning and we see a flow level at 337mcm from Norway (318). Russian nominations showing Velke Kapusany at 36.8mcm (36.7) and Sudzha at 41.7mcm (41.7). Nord Stream remains unavailable.  Gas storage showing at 55.98% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 10.

This morning we see the May TTF contract at €43, NO CHANGE to the previous settlement. 

A quick check on some key contracts:
Curve TTF May €43, Winter €57 (vs €43 and €57)
Curve NBP May 101p, Winter 150p (vs 102p and 148p)
UK Gas NBP spot 104p (from 105p).
UK Power DA £112 (from £91).

UK power prices show the UK May Baseload contract at £106 (£106) and Winter at £160 (£162).

In other areas of the market Brent Oil is at $87 ($86) and EUAs are at €96 (€97). Henry Hub is at $2.09 ($2.19) and JKM is at $12.63 ($12.57) with TTF Equiv of $13.81 ($13.99).

Numbers in brackets show the previous reports value.