Market Insight
Tony Jordan
20 July 2023

Market Insights 20/07/2023


No significant change to markets yesterday come the close, although UK gas markets moving more than its TTF counterpart.

Prices continue to stay rangebound, as they have done for a while now, as they test further potential downward pressure largely expected to continue.

Yesterday saw the TTF August contract settle at €26.96 (from €27.07) and the NBP August contract at 67.87p (from 66.69p).

No unplanned outage this morning and we see a flow level at 335mcm from Norway (335). Russian nominations showing Velke Kapusany at 38.7mcm (38.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 82.33% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 0.

This morning we see the August TTF contract at €26, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF August €26, Winter €48 (vs €27 and €48)
Curve NBP August 68p, Winter 126p (vs 67p and 122p)
UK Gas NBP spot 69p (from 69p).
UK Power DA £80 (from £81).

UK power prices show the UK August Baseload contract at £74 (£73) and Winter at £119 (£128).

In other areas of the market Brent Oil is at $79 ($80) and EUAs are at €89 (€87). Henry Hub is at $2.60 ($2.63) and JKM is at $10.75 ($11.02) with TTF Equiv of $8.85 ($8.91).

Numbers in brackets show the previous reports value.