Market Insight
Tony Jordan
6 September 2023

Market Insights 06/09/2023


A fairly level day as news is awaited on progress of the talks which continue to avert reduced working hours of Chevron LNG workers in Australia starting tomorrow.

Yesterday saw the TTF Front Month contract settle at €34.45 (from €33.57) and the NBP Front Month contract at 83.46p (from 81.25p).

Dvalin and Aasta Hansteen both on unplanned outage this morning and we see a flow level at 141mcm from Norway (140). Russian nominations showing Velke Kapusany at 37.3mcm (37.3) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 93.34% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 1.

This morning we see the Front Month TTF contract at €34, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €48 (vs €34 and €47)
Curve NBP Front Month 83p, Front Season 123p (vs 81p and 121p)
UK Gas NBP spot 82p (from 81p)
UK Power DA £86 (from £84)

UK power prices show the UK Front Month Baseload contract at £83 (£82) and Front Season at £110 (£115).

In other areas of the market Brent Oil is at $90 ($89) and EUAs are at €84 (€84). Henry Hub is at $2.58 ($2.77) and JKM is at $13.24 ($13.40) with TTF Equiv of $10.84 ($10.63).

Numbers in brackets show the previous reports value.