Market Insight
Tony Jordan
31 May 2023

Market Insights 31/05/2023


A fairly flat session yesterday, with small movements seen across the contracts we follow in our morning report.

LNG arrivals towards the UK over the next couple of weeks are at their lowest for some time now as European prices stay much lower than the JKM.

Yesterday saw the TTF July contract settle at €25.24 (from €24.56) and the NBP July contract at 57.59p (from 57.36p).

Norne remains on unplanned outage this morning and we see a flow level at 218mcm from Norway (227). Russian nominations showing Velke Kapusany at 36.9mcm (36.5) and Sudzha at 40.3mcm (40.6). Nord Stream remains unavailable. Gas storage showing at 68.37% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 3.

This morning we see the July TTF contract at €25, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €25, Winter €42 (vs €25 and €42)
Curve NBP July 58p, Winter 109p (vs 57p and 110p)
UK Gas NBP spot 62p (from 61p).
UK Power DA £68 (from £71).

UK power prices show the UK June Baseload contract at £70 (£71) and Winter at £118 (£120).

In other areas of the market Brent Oil is at $74 ($77) and EUAs are at €81 (€83). Henry Hub is at $2.33 ($2.42) and JKM is at $9.37 ($9.24) with TTF Equiv of $7.95 ($7.71).

Numbers in brackets show the previous reports value.