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Tony Jordan
9 May 2023

Market Insights 09/05/2023

DAILY MARKET REPORT – 09/05/2023

A slight uptick in prices to end the week ahead of the extended bank holiday weekend.

Temperatures are expected to stay elevated for the weeks ahead according to the latest long term forecasts.

Friday saw the TTF June contract settle at €36.87 (from €35.65) and the NBP June contract at 83.35p (from 80.51p).

No unplanned outage this morning and we see a flow level at 292mcm from Norway (246). Russian nominations showing Velke Kapusany at 29.1mcm (36.8) and Sudzha at 32.7mcm (40.9). Nord Stream remains unavailable.  Gas storage showing at 61.76% 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 €37, NO CHANGE to the previous settlement. 

A quick check on some key contracts (rounded to nearest whole):
Curve TTF June €37, Winter €55 (vs €37 and €54)
Curve NBP June 83p, Winter 141p (vs 81p and 140p)
UK Gas NBP spot 95p (from 86p).
UK Power DA £107 (from £99).

UK power prices show the UK June Baseload contract at £89 (£88) and Winter at £149 (£148).

In other areas of the market Brent Oil is at $77 ($73) and EUAs are at €85 (€85). Henry Hub is at $2.24 ($2.10) and JKM is at $11.32 ($11.31) with TTF Equiv of $11.93 ($11.51).

Numbers in brackets show the previous reports value.