Market Insight
Tony Jordan
18 May 2023

Market Insights 18/05/2023


A small uptick in curve prices in yesterdays session, but not so on the prompt contracts as supply continues to hold strong and underpin confidence levels.

Yesterday saw the TTF June contract settle at €31.95 (from €31.82) and the NBP June contract at 72.95p (from 73.65p).

Norne remains on unplanned outage this morning and we see a flow level at 290mcm from Norway (292). Russian nominations showing Velke Kapusany at 37.1mcm (37.1) and Sudzha at 41.2mcm (41.2). Nord Stream remains unavailable.  Gas storage showing at 64.31% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 9.

This morning we see the June TTF contract at €32, NO CHANGE to the previous settlement. 

A quick check on some key contracts (rounded to nearest whole):
Curve TTF June €32, Winter €49 (vs €32 and €48)
Curve NBP June 73p, Winter 126p (vs 74p and 122p)
UK Gas NBP spot 70p (from 71p).
UK Power DA £93 (from £95).

UK power prices show the UK June Baseload contract at £84 (£84) and Winter at £141 (£138).

In other areas of the market Brent Oil is at $77 ($75) and EUAs are at €88 (€89). Henry Hub is at $2.37 ($2.38) and JKM is at $9.95 ($9.86) with TTF Equiv of $10.15 ($10.13).

Numbers in brackets show the previous reports value.