Market Insight
Tony Jordan
30 August 2023

Market Insights 30/08/2023


After falling a day behind due to the Bank Holiday, yesterday saw markets between the UK and Europe play in different directions as the UK caught up with Mondays European increase.

This was on the back of dates being announced for potential industrial action in Australia. News is still awaited on talks with Chevron workers, although it is hoped a similar outcome to the Woodside Energy workers can be reached before strike action takes place from 7th September.

Yesterday saw the TTF September contract settle at €35.20 (from €38.41) and the NBP September contract at 88.30p (from 86.65p).

No unplanned outage this morning and we see a flow level at 182mcm from Norway (181). Russian nominations showing Velke Kapusany at 38.4mcm (38.4) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 92.65% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 4.

This morning we see the September TTF contract at €34, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF September €34, Winter €50 (vs €35 and €52)
Curve NBP September 88p, Winter 129p (vs 87p and 126p)
UK Gas NBP spot 90p (from 93p).
UK Power DA £92 (from £93).

UK power prices show the UK September Baseload contract at £87 (£86) and Winter at £123 (£122).

In other areas of the market Brent Oil is at $85 ($84) and EUAs are at €85 (€86). Henry Hub is at $2.66 ($2.58) and JKM is at $13.40 ($13.46) with TTF Equiv of $11.19 ($12.17).

Numbers in brackets show the previous reports value.