Market Insight
Tony Jordan
24 April 2023

Market Insights 24/04/2023


A calm week enjoyed last week as we head towards the end of April.

Flows are lower this morning from Norway into European hubs despite two planned outages last week coming to an end. This is due to planned maintenance on some of the larger assets taking place this week.

The latest temperature forecasts show to expect a couple of cooler days early this week before holding at seasonal normal for the month ahead.

Friday saw the TTF May contract settle at €40.16 (from €40.57) and the NBP May contract at 96.09p (from 95.60p).

No unplanned outage this morning and we see a flow level at 284mcm from Norway (302). Russian nominations showing Velke Kapusany at 35.1mcm (36.9) and Sudzha at 40.0mcm (42.4). Nord Stream remains unavailable.  Gas storage showing at 57.60% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 12.

This morning we see the May TTF contract at €40, NO CHANGE to the previous settlement. 

A quick check on some key contracts (rounded to nearest whole):
Curve TTF May €40, Winter €55 (vs €40 and €55)
Curve NBP May 96p, Winter 144p (vs 96p and 143p)
UK Gas NBP spot 99p (from 97p).
UK Power DA £95 (from 101).

UK power prices show the UK May Baseload contract at £101 (£100) and Winter at £152 (£154).

In other areas of the market Brent Oil is at $82 ($81) and EUAs are at €90 (€92). Henry Hub is at $2.23 ($2.25) and JKM is at $11.88 ($12.24) with TTF Equiv of $12.92 ($13.05  ).

Numbers in brackets show the previous reports value.