Market Insight
Tony Jordan
23 August 2023

Market Insights 23/08/2023


Markets showed some further upside yesterday as talks to avert strike action in Australia quickly approach.

The outcome of the talks between Woodside Energy and union representatives are expected imminently, with Chevron workers expected to hold talks before the end of the week also.

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.