Market Insight
Tony Jordan
13 June 2023

Market Insights 13/06/2023


A mixed picture in yesterdays session as at one point it looked like we had a bearish session on our hands to get the week started, before things settled down in the afternoon to show a small discount on prompt contracts but not much movement (slightly up) on the longer dated contracts.

Temperatures for the coming weeks are expected to remain above seasonal normal.

Yesterday saw the TTF July contract settle at €31.04 (from €32.05) and the NBP July contract at 75.63p (from 77.76p).

Norne remains on unplanned outage this morning and we see a flow level at 249mcm from Norway (245). Russian nominations showing Velke Kapusany at 37.0mcm (38.2) and Sudzha at 41.1mcm (42.4). Nord Stream remains unavailable. Gas storage showing at 72.27% 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 €30, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €30, Winter €46 (vs €31 and €46)
Curve NBP July 76p, Winter 121p (vs 78p and 119p)
UK Gas NBP spot 77p (from 86p).
UK Power DA £85 (from £93).

UK power prices show the UK July Baseload contract at £85 (£80) and Winter at £126 (£126).

In other areas of the market Brent Oil is at $72 ($75) and EUAs are at €88 (€87). Henry Hub is at $2.27 ($2.25) and JKM is at $9.27 ($9.25) with TTF Equiv of $9.79 ($10.11).

Numbers in brackets show the previous reports value.