Market Insight
Tony Jordan
2 May 2023

Market Insights 02/05/2023


A calm day to end the month, ahead of a long weekend, on Friday. Markets continue to hold in a steady state, slowly creeping downwards as confidence grows in the supply-demand mix for the future.

Friday saw the TTF June contract settle at €38.83 (from €39.20) and the NBP June contract at 88.53p (from 91.76p).

No unplanned outage this morning and we see a flow level at 289mcm from Norway (295). Russian nominations showing Velke Kapusany at 35.4mcm (36.8) and Sudzha at 39.8mcm (42.4). Nord Stream remains unavailable.  Gas storage showing at 59.60% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 12.

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 €57)
Curve NBP June 89p, Winter 146p (vs 92p and 148p)
UK Gas NBP spot 92p (from 94p).
UK Power DA £98 (from £94).

UK power prices show the UK June Baseload contract at £96 (£95) and Winter at £157 (£151).

In other areas of the market Brent Oil is at $79 ($78) and EUAs are at €86 (€86). Henry Hub is at $2.32 ($2.36) and JKM is at $11.55 ($11.60) with TTF Equiv of $12.50 ($12.68).

Numbers in brackets show the previous reports value.