Market Insight
Tony Jordan
18 July 2023

Market Insights 18/07/2023


Healthy Norwegian flows helped the market start the week continuing the downward trend, albeit it relatively small movements.

Yesterday saw the TTF August contract settle at €25.10 (from €25.96) and the NBP August contract at 61.59p (from 63.39p).

Aasta Hansteen on unplanned outage this morning and we see a flow level at 325mcm from Norway (321). Russian nominations showing Velke Kapusany at 38.1mcm (35.5) and Sudzha at 42.4mcm (39.8). Nord Stream remains unavailable. EU gas storage showing at 81.81% 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 €26, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF August €26, Winter €45 (vs €25 and €46)
Curve NBP August 62p, Winter 115p (vs 63p and 117p)
UK Gas NBP spot 61p (from 58p).
UK Power DA £90 (from £72).

UK power prices show the UK August Baseload contract at £72 (£74) and Winter at £113 (£117).

In other areas of the market Brent Oil is at $79 ($80) and EUAs are at €86 (€86). Henry Hub is at $2.51 ($2.54) and JKM is at $10.56 ($10.69) with TTF Equiv of $8.27 ($8.56).

Numbers in brackets show the previous reports value.