Market Insight
Tony Jordan
22 May 2023

Market Insights 22/05/2023


Markets held steady to end the week showing a fall of decent proportion against values of the previous week, something most definitely welcome.

This is supported by gas storage levels increasing and holding close to the 2019/2020 trends – which both saw 85% being hit in early August. It is now mandatory that 90% must be hit by October of each year.

Friday saw the TTF June contract settle at €30.18 (from €29.79) and the NBP June contract at 68.36p (from 67.78p).

Norne remains on unplanned outage this morning and we see a flow level at 246mcm from Norway (253). Russian nominations showing Velke Kapusany at 36.5mcm (37.0) and Sudzha at 40.9mcm (41.2). Nord Stream remains unavailable. Gas storage showing at 65.61% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 8.

This morning we see the June TTF contract at €30, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF June €30, Winter €48 (vs €30 and €48)
Curve NBP June 68p, Winter 125p (vs 68p and 123p)
UK Gas NBP spot 64p (from 63p).
UK Power DA £87 (from £95).

UK power prices show the UK June Baseload contract at £82 (£82) and Winter at £141 (£141).

In other areas of the market Brent Oil is at $76 ($76) and EUAs are at €90 (€90). Henry Hub is at $2.59 ($2.59) and JKM is at $9.84 ($9.72) with TTF Equiv of $9.57 ($9.41).

Numbers in brackets show the previous reports value.