Market Insight
Tony Jordan
9 August 2023

Market Insights 09/09/2023


Much of a repeat of the previous days session with the near curve contracts moving up slightly with the further curve holding steady. Markets continue to hold steady whilst looking for a direction after several sessions of fairly sideways movement in recent weeks.

Yesterday saw the TTF September contract settle at €31.07 (from €30.48) and the NBP September contract at 78.14p (from 76.49p).

No unplanned outage this morning and we see a flow level at 337mcm from Norway (330). Russian nominations showing Velke Kapusany at 36.7mcm (36.8) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 87.72% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 0.

This morning we see the September TTF contract at €31, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €31, Winter €46 (vs €31 and €46)
Curve NBP September 78p, Winter 118p (vs 76p and 118p)
UK Gas NBP spot 73p (from 71p).
UK Power DA £77 (from £73).

UK power prices show the UK September Baseload contract at £80 (£79) and Winter at £115 (£114).

In other areas of the market Brent Oil is at $86 ($85) and EUAs are at €84 (€83). Henry Hub is at $2.78 ($2.73) and JKM is at $10.96 ($10.98) with TTF Equiv of $9.98 ($9.84).

Numbers in brackets show the previous reports value.