Market Insight
Tony Jordan
6 June 2023

Market Insights 06/06/2023


An extremely bullish session to start the week which saw the prompt delivery contracts climb the strongest.

Low LNG inbound flows and plenty of planned maintenance on the near horizon in Norway combined with low prices have tested the technical levels.

Yesterday saw the TTF July contract settle at €28.48 (from €23.69) and the NBP July contract at 67.22p (from 54.95p).

Norne remains on unplanned outage this morning and we see a flow level at 226mcm from Norway (229). Russian nominations showing Velke Kapusany at 36.8mcm (36.4) and Sudzha at 40.7mcm (40.3). Nord Stream remains unavailable. Gas storage showing at 70.13% 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 €29, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €29, Winter €43 (vs €28 and €41)
Curve NBP July 67p, Winter 113p (vs 55p and 106p)
UK Gas NBP spot 75p (from 60p).
UK Power DA £75 (from £73).

UK power prices show the UK July Baseload contract at £76 (£71) and Winter at £121 (£114).

In other areas of the market Brent Oil is at $77 ($76) and EUAs are at €82 (€79). Henry Hub is at $2.25 ($2.17) and JKM is at $9.27 ($9.29) with TTF Equiv of $8.96 ($7.46).

Numbers in brackets show the previous reports value.