Market Insight
Tony Jordan
2 August 2023

Market Insights 02/08/2023


Another soft day to start the week off after an upwards start to the session and keep the price levels rangebound over the past couple of weeks which may continue for a while yet.

Yesterday saw the TTF September contract settle at €27.12 (from €28.37) and the NBP September contract at 67.90p (from 70.75p).

Troll on unplanned outage this morning and we see a flow level at 315mcm from Norway (317). Russian nominations showing Velke Kapusany at 37.7mcm (37.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 85.43% 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 €28, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €28, Winter €46 (vs €27 and €47)
Curve NBP September 68p, Winter 118p (vs 71p and 120p)
UK Gas NBP spot 67p (from 68p).
UK Power DA £69 (from £74).

UK power prices show the UK September Baseload contract at £74 (£77) and Winter at £113 (£116).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €85 (€87). Henry Hub is at $2.56 ($2.63) and JKM is at $10.93 ($10.92) with TTF Equiv of $8.73 ($9.17).

Numbers in brackets show the previous reports value.