Market Insight
Tony Jordan
4 August 2023

Market Insights 04/08/2023


A similar session to the previous with another bullish move on the front month contracts, but smaller moves along the curve.

Yesterday saw the TTF September contract settle at €30.47 (from €28.74) and the NBP September contract at 76.42p (from 72.16p).

No unplanned outage this morning and we see a flow level at 312mcm from Norway (308). Russian nominations showing Velke Kapusany at 37.2mcm (37.6) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 86.31% 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 €31, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €31, Winter €46 (vs €30 and €45)
Curve NBP September 76p, Winter 118p (vs 72p and 117p)
UK Gas NBP spot 76p (from 70p).
UK Power DA £59 (from £59).

UK power prices show the UK September Baseload contract at £79 (£75) and Winter at £112 (£112).

In other areas of the market Brent Oil is at $85 ($83) and EUAs are at €85 (€83). Henry Hub is at $2.57 ($2.48) and JKM is at $11.00 ($10.97) with TTF Equiv of $9.79 ($9.23).

Numbers in brackets show the previous reports value.