Market Insight
Tony Jordan
6 July 2023

Market Insights 06/07/2023


Another level day yesterday, with not much movement by the close overall except a slight dip on the prompt contracts.

Yesterday saw the TTF August contract settle at €34.37 (from €35.41) and the NBP August contract at 84.49p (from 86.78p).

No unplanned outage this morning and we see a flow level at 256mcm from Norway (253). Russian nominations showing Velke Kapusany at 38.2mcm (37.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 78.88% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

This morning we see the August TTF contract at €34, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF August €34, Winter €51 (vs €34 and €51)
Curve NBP August 84p, Winter 132p (vs 87p and 132p)
UK Gas NBP spot 83p (from 85p).
UK Power DA £90 (from £85).

UK power prices show the UK August Baseload contract at £89 (£91) and Winter at £126 (£128).

In other areas of the market Brent Oil is at $77 ($76) and EUAs are at €86 (€87). Henry Hub is at $2.66 ($2.71) and JKM is at $12.10 ($12.08) with TTF Equiv of $10.96 ($11.33).

Numbers in brackets show the previous reports value.