Market Insight
Tony Jordan
12 June 2023

Market Insights 12/06/2023

DAILY MARKET REPORT – 12/06/2023

A very bullish end to the week as hot weather pushes across Europe and a continued low flow of LNG for the weeks ahead.

That picture doesn’t look like its changing any time soon as so prices may hold around a new level after enjoying a 2 year low.

Friday saw the TTF July contract settle at €32.05 (from €26.95) and the NBP July contract at 77.76p (from 63.39p).

Norne remains on unplanned outage this morning and we see a flow level at 245mcm from Norway (225). Russian nominations showing Velke Kapusany at 38.2mcm (36.9) and Sudzha at 42.4mcm (40.9). Nord Stream remains unavailable. Gas storage showing at 71.87% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

This morning we see the July TTF contract at €33, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €33, Winter €46 (vs €32 and €42)
Curve NBP July 78p, Winter 119p (vs 63p and 109p)
UK Gas NBP spot 86p (from 66p).
UK Power DA £93 (from £72).

UK power prices show the UK July Baseload contract at £80 (£80) and Winter at £126 (£117).

In other areas of the market Brent Oil is at $75 ($76) and EUAs are at €87 (€84). Henry Hub is at $2.25 ($2.35) and JKM is at $9.25 ($9.21) with TTF Equiv of $10.11 ($8.52).

Numbers in brackets show the previous reports value.