Market Insight
Tony Jordan
5 May 2023

Market Insights 05/05/2023


No change to the norm again in yesterdays session with a calm and bearish session.

Yesterday saw the TTF June contract settle at €35.65 (from €36.78) and the NBP June contract at 80.51p (from 83.60p).

No unplanned outage this morning and we see a flow level at 246mcm from Norway (309). Russian nominations showing Velke Kapusany at 36.8mcm (36.8) and Sudzha at 40.9mcm (40.9). Nord Stream remains unavailable.  Gas storage showing at 60.53% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 14.

This morning we see the June TTF contract at €36, NO CHANGE to the previous settlement. 

A quick check on some key contracts (rounded to nearest whole):
Curve TTF June €36, Winter €54 (vs €36 and €55)
Curve NBP June 81p, Winter 140p (vs 84p and 144p)
UK Gas NBP spot 86p (from 84p).
UK Power DA £99 (from £95).

UK power prices show the UK June Baseload contract at £88 (£90) and Winter at £148 (£150).

In other areas of the market Brent Oil is at $73 ($72) and EUAs are at €85 (€85). Henry Hub is at $2.10 ($2.17) and JKM is at $11.31 ($11.50) with TTF Equiv of $11.51 ($11.94).

Numbers in brackets show the previous reports value.