Market Insight
Tony Jordan
7 August 2023

Market Insights 07/08/2023


A soft end to the week to undo Thursdays gain and keep the market in the range it has been for several weeks now.

Friday saw the TTF September contract settle at €28.85 (from €30.47) and the NBP September contract at 72.93p (from 76.42p).

No unplanned outage this morning and we see a flow level at 328mcm from Norway (312). Russian nominations showing Velke Kapusany at 36.4mcm (37.2) and Sudzha at 42.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 87.10% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

This morning we see the September TTF contract at €29, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €29, Winter €45 (vs €29 and €46)
Curve NBP September 73p, Winter 117p (vs 76p and 118p)
UK Gas NBP spot 76p (from 76p).
UK Power DA £72 (from £59).

UK power prices show the UK September Baseload contract at £76 (£79) and Winter at £113 (£112).

In other areas of the market Brent Oil is at $86 ($85) and EUAs are at €84 (€85). Henry Hub is at $2.58 ($2.57) and JKM is at $10.96 ($11.00) with TTF Equiv of $9.35 ($9.79).

Numbers in brackets show the previous reports value.