DAILY MARKET REPORT – 23/08/2023
Markets showed some further upside yesterday as talks to avert strike action in Australia quickly approach.
Yesterday saw the TTF September contract settle at €42.91 (from €40.78) and the NBP September contract at 106.10p (from 102.05p).
No unplanned outage this morning and we see a flow level at 301mcm from Norway (303). Russian nominations showing Velke Kapusany at 36.7mcm (36.7) and Sudzha at 42.4mcm (42.3). Nord Stream remains unavailable. EU gas storage showing at 91.32% 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 €41, DOWN €2 to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €41, Winter €57 (vs €43 and €56)
Curve NBP September 106p, Winter 145p (vs 102p and 143p)
UK Gas NBP spot 106p (from 96p).
UK Power DA £113 (from £92).
UK power prices show the UK September Baseload contract at £101 (£94) and Winter at £135 (£131).
In other areas of the market Brent Oil is at $84 ($84) and EUAs are at €90 (€88). Henry Hub is at $2.56 ($2.63) and JKM is at $14.30 ($14.30) with TTF Equiv of $13.65 ($13.02).
Numbers in brackets show the previous reports value.