Market Insight
Tony Jordan
1 August 2023

Market Insights 01/08/2023


Welcome along to August. The year is running by quickly.

Yesterday saw the week start with an upward tick as the front month changed over with several large planned outages due this month on the Norwegian assets.

Yesterday saw the TTF September contract settle at €28.37 (from €26.88) and the NBP September contract at 70.75p (from 67.73p).

No unplanned outage this morning and we see a flow level at 317mcm from Norway (340). Russian nominations showing Velke Kapusany at 37.7mcm (35.7) and Sudzha at 42.4mcm (40.9). Nord Stream remains unavailable. EU gas storage showing at 85.79% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 3.

This morning we see the September TTF contract at €30, UP €2 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €30, Winter €47 (vs €28 and €46)
Curve NBP September 71p, Winter 120p (vs 68p and 117p)
UK Gas NBP spot 68p (from 60p).
UK Power DA £74 (from £67).

UK power prices show the UK September Baseload contract at £77 (£68) and Winter at £116 (£115).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €87 (€89). Henry Hub is at $2.63 ($2.64) and JKM is at $10.92 ($10.78) with TTF Equiv of $9.17 ($8.69).

Numbers in brackets show the previous reports value.