Market Insight
Tony Jordan
28 July 2023

Market Insights 28/07/2023


A continuation of the downward trend was seen yesterday following a couple of bullish sessions earlier in the week as we head towards the final days of trading the August contract.

Yesterday saw the TTF August contract settle at €28.43 (from €29.28) and the NBP August contract at 70.02p (from 73.24p).

No unplanned outage this morning and we see a flow level at 335mcm from Norway (337). Russian nominations showing Velke Kapusany at 37.1mcm (37.1) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 84.49% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 3.

This morning we see the August TTF contract at €28, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF August €28, Winter €48 (vs €28 and €49)
Curve NBP August 70p, Winter 123p (vs 73p and 125p)
UK Gas NBP spot 70p (from 79p).
UK Power DA £79 (from £86).

UK power prices show the UK August Baseload contract at £73 (£78) and Winter at £119 (£122).

In other areas of the market Brent Oil is at $84 ($83) and EUAs are at €91 (€91). Henry Hub is at $2.60 ($2.67) and JKM is at $10.97 ($11.10) with TTF Equiv of $9.16 ($9.51).

Numbers in brackets show the previous reports value.