Market Insight
Tony Jordan
23 June 2023

Market Insights 23/06/2023


An overall bearish session yesterday as contracts retreated once again after experiencing a volatile week or two of late.

Long range temperature forecasts still show above seasonal normal average temperatures for the coming six weeks or so.

Yesterday saw the TTF July contract settle at €34.10 (from €36.74) and the NBP July contract at 85.35p (from 91.82p).

Norne remains on unplanned outage this morning and we see a flow level at 225mcm from Norway (221). Russian nominations showing Velke Kapusany at 36.9mcm (36.9) and Sudzha at 41.6mcm (41.6). Nord Stream remains unavailable. Gas storage showing at 75.06% 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 €34, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €34, Winter €51 (vs €34 and €52)
Curve NBP July 85p, Winter 133p (vs 92p and 137p)
UK Gas NBP spot 85p (from 94p).
UK Power DA £95 (from £108).

UK power prices show the UK July Baseload contract at £98 (£101) and Winter at £133 (£138).

In other areas of the market Brent Oil is at $74 ($77) and EUAs are at €90 (€91). Henry Hub is at $2.61 ($2.60) and JKM is at $12.07 ($12.48) with TTF Equiv of $10.95 ($11.80).

Numbers in brackets show the previous reports value.