Market Insight
Tony Jordan
13 September 2023

Market Insights 13/09/2023


A date has been set for an industrial tribunal to hear Chevron and Union representatives in order to find a solution to the ongoing dispute in Australia for next Friday, 22nd September. However that is a week into full scale walk outs which commence tomorrow and the market continues to watch on progress in the meantime.

Meanwhile Equinor confirmed the planned maintenance on the major Troll gas field is ongoing and its return is expected imminently after being delayed.

Yesterday saw the TTF Front Month contract settle at €34.70 (from €35.85) and the NBP Front Month contract at 86.97p (from 89.81p).

Aasta Hansteen remains on unplanned outage this morning and we see a flow level at 145mcm from Norway (138). Russian nominations showing Velke Kapusany at 37.3mcm (37.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 93.85% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 2.

This morning we see the Front Month TTF contract at €35, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €47 (vs €35 and €48)
Curve NBP Front Month 87p, Front Season 122p (vs 90p and 123p)
UK Gas NBP spot 88p (from 92p)
UK Power DA £89 (from £96)

UK power prices show the UK Front Month Baseload contract at £83 (£86) and Front Season at £113 (£113).

In other areas of the market Brent Oil is at $92 ($91) and EUAs are at €81 (€82). Henry Hub is at $2.74 ($2.61) and JKM is at $13.39 ($13.39) with TTF Equiv of $10.92 ($11.30).

Numbers in brackets show the previous reports value.