Market Insight
Tony Jordan
16 May 2023

Market Insights 16/05/2023


A bearish session to get the week underway, with the curve contracts attracting the most movement with the TTF winter contract now below €50.

Yesterday saw the TTF June contract settle at €32.31 (from €32.77) and the NBP June contract at 74.45p (from 75.93p).

Norne on unplanned outage this morning and we see a flow level at 280mcm from Norway (299). Russian nominations showing Velke Kapusany at 37.1mcm (36.8) and Sudzha at 40.9mcm (40.2). Nord Stream remains unavailable.  Gas storage showing at 63.75% 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 €33, UP €1 to the previous settlement. 

A quick check on some key contracts (rounded to nearest whole):
Curve TTF June €32, Winter €49 (vs €32 and €52)
Curve NBP June 74p, Winter 125p (vs 76p and 134p)
UK Gas NBP spot 71p (from 76p).
UK Power DA £96 (from £94).

UK power prices show the UK June Baseload contract at £86 (£85) and Winter at £140 (£150).

In other areas of the market Brent Oil is at $75 ($74) and EUAs are at €87 (€88). Henry Hub is at $2.38 ($2.27) and JKM is at $10.04 ($11.12) with TTF Equiv of $10.31 ($10.44).

Numbers in brackets show the previous reports value.