Market Insight
Tony Jordan
29 June 2023

Market Insights 29/06/2023


A level day in yesterdays session with not much movement come the end.

A lack of news, unlike we have seen in recent days and weeks, gave for a calm day across the board.

Yesterday saw the TTF July contract settle at €34.13 (from €34.51) and the NBP July contract at 84.58p (from 85.16p).

Norne remains on unplanned outage this morning and we see a flow level at 229mcm 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 76.66% 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 €50 (vs €34 and €50)
Curve NBP July 85p, Winter 130p (vs 85p and 131p)
UK Gas NBP spot 85p (from 89p).
UK Power DA £96 (from £97).

UK power prices show the UK July Baseload contract at £89 (£91) and Winter at £127 (£129).

In other areas of the market Brent Oil is at $74 ($72) and EUAs are at €88 (€89). Henry Hub is at $2.67 ($2.76) and JKM is at $12.02 ($12.07) with TTF Equiv of $10.91 ($11.09).

Numbers in brackets show the previous reports value.