Market Insight
Tony Jordan
26 June 2023

Market Insights 26/06/2023


A bearish end to the week with there being not much change in market sentiment.

Markets appear to maintain a holding pattern for now, with an overall desire to push lower albeit tentatively due to underlying nerves around potential supply issues. The return from maintenance of key Norwegian assets in the coming weeks will be watched closely.

Friday saw the TTF July contract settle at €32.51 (from €34.10) and the NBP July contract at 80.28p (from 85.35p).

Norne remains on unplanned outage this morning and we see a flow level at 232mcm from Norway (225). Russian nominations showing Velke Kapusany at 36.6mcm (36.9) and Sudzha at 41.4mcm (41.6). Nord Stream remains unavailable. Gas storage showing at 75.78% 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 €34, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €34, Winter €50 (vs €33 and €51)
Curve NBP July 80p, Winter 130p (vs 85p and 133p)
UK Gas NBP spot 91p (from 85p).
UK Power DA £83 (from £95).

UK power prices show the UK July Baseload contract at £90 (£98) and Winter at £129 (£133).

In other areas of the market Brent Oil is at $74 ($74) and EUAs are at €88 (€90). Henry Hub is at $2.73 ($2.61) and JKM is at $11.84 ($12.07) with TTF Equiv of $10.38 ($10.95).

Numbers in brackets show the previous reports value.