Market Insight
Tony Jordan
28 June 2023

Market Insights 28/06/2023


A relatively quiet start to yesterdays session until Gassco AS announced changes to the planned maintenance schedule for the coming weeks, increasing some of the volume that will be offline.

As with any potential negative news, this caused the markets to rise in the afternoon in reaction.

Yesterday saw the TTF July contract settle at €34.51 (from €31.98) and the NBP July contract at 85.16p (from 79.73p).

Norne remains on unplanned outage this morning and we see a flow level at 233mcm from Norway (233). Russian nominations showing Velke Kapusany at 36.8mcm (36.8) and Sudzha at 41.7mcm (41.7). Nord Stream remains unavailable. Gas storage showing at 76.42% 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 €36, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF July €36, Winter €50 (vs €35 and €49)
Curve NBP July 85p, Winter 131p (vs 80p and 128p)
UK Gas NBP spot 89p (from 84p).
UK Power DA £97 (from £91).

UK power prices show the UK July Baseload contract at £91 (£88) and Winter at £129 (£127).

In other areas of the market Brent Oil is at $72 ($74) and EUAs are at €89 (€86). Henry Hub is at $2.76 ($2.79) and JKM is at $12.07 ($11.79) with TTF Equiv of $11.09 ($10.23).

Numbers in brackets show the previous reports value.