Market Insight
Tony Jordan
5 June 2023

Market Insights 05/06/2023

DAILY MARKET REPORT – 05/06/2023

A level day to end the week after a fairly volatile week last week but with an overall down trend continuing as it has done for some weeks now.

LNG flows, particularly towards towards the UK, are low with just a couple of cargoes scheduled to arrive in the coming days. Meanwhile EU storage levels are touching 70% which remains positive.

Friday saw the TTF July contract settle at €23.69 (from €23.10) and the NBP July contract at 54.95p (from 54.27p).

Norne remains on unplanned outage this morning and we see a flow level at 229mcm from Norway (231). Russian nominations showing Velke Kapusany at 36.4mcm (36.8) and Sudzha at 40.3mcm (40.6). Nord Stream remains unavailable. Gas storage showing at 69.72% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the July TTF contract at €25, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €25, Winter €41 (vs €24 and €41)
Curve NBP July 55p, Winter 106p (vs 54p and 105p)
UK Gas NBP spot 60p (from 58p).
UK Power DA £73 (from £71).

UK power prices show the UK July Baseload contract at £71 (£70) and Winter at £114 (£117).

In other areas of the market Brent Oil is at $76 ($74) and EUAs are at €79 (€79). Henry Hub is at $2.17 ($2.16) and JKM is at $9.29 ($9.27) with TTF Equiv of $7.46 ($7.29).

Numbers in brackets show the previous reports value.