Market Insight
Tony Jordan
8 June 2023

Market Insights 08/06/2023

DAILY MARKET REPORT – 08/06/2023

A mixed session yesterday, although ended on a bullish note.

Equinor confirmed the return to service of Hammerfest LNG, which suffered a leak around a week ago and sent the market into its first bullish session seen in a while, will be delayed by one week to 14th June.

Yesterday saw the TTF July contract settle at €26.33 (from €24.86) and the NBP July contract at 62.27p (from 59.15p).

Norne remains on unplanned outage this morning and we see a flow level at 231mcm from Norway (224). Russian nominations showing Velke Kapusany at 36.9mcm (36.9) and Sudzha at 40.7mcm (40.7). Nord Stream remains unavailable. Gas storage showing at 70.54% 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 €27, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €27, Winter €41 (vs €26 and €41)
Curve NBP July 62p, Winter 107p (vs 59p and 106p)
UK Gas NBP spot 67p (from 65p).
UK Power DA £69 (from £77).

UK power prices show the UK July Baseload contract at £75 (£78) and Winter at £112 (£117).

In other areas of the market Brent Oil is at $77 ($76) and EUAs are at €84 (€82). Henry Hub is at $2.33 ($2.26) and JKM is at $9.24 ($9.21) with TTF Equiv of $8.27 ($7.80).

Numbers in brackets show the previous reports value.