Market Insight
Tony Jordan
28 April 2023

Market Insights 28/04/2023


A mixed bag yesterday which resulted in a slight uptick in prices by the close as the May delivery contract came to a close on most markets. Today we see a new front month contract take position.

Norway have announced they will take ownership of all gas pipelines by 2028. Currently owned by Gasled, a partnership set up to represent the initial users of the pipeline, the move would see pipeline ownership move to state control. Gassco AS, the pipeline operator, would remain under the new regime.

Yesterday saw the TTF June contract settle at €39.20 (from €38.63) and the NBP June contract at 91.76p (from 90.82p).

No unplanned outage this morning and we see a flow level at 295mcm from Norway (298). Russian nominations showing Velke Kapusany at 36.8mcm (0.0) and Sudzha at 42.4mcm (41.7). Nord Stream remains unavailable.  Gas storage showing at 58.56% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 10.

This morning we see the June TTF contract at €39, NO CHANGE to the previous settlement. 

A quick check on some key contracts (rounded to nearest whole):
Curve TTF June €39, Winter €57 (vs €39 and €55)
Curve NBP June 92p, Winter 148p (vs 91p and 144p)
UK Gas NBP spot 94p (from 90p).
UK Power DA £94 (from £97).

UK power prices show the UK May Baseload contract at £94 (£95) and Winter at £151 (£150).

In other areas of the market Brent Oil is at $78 ($78) and EUAs are at €86 (€86). Henry Hub is at $2.36 ($2.31) and JKM is at $11.60 ($11.64) with TTF Equiv of $12.68 ($12.49).

Numbers in brackets show the previous reports value.