Market Insight
Tony Jordan
23 October 2023

Market Insights 23/10/2023


Another relatively flat session to end the week on Friday, with a slight uptick on the front month contracts.

Friday saw the TTF Front Month contract settle at €51.11 (from €50.17) and the NBP Front Month contract at 126.19p (from 123.63p).

No unplanned outage this morning and we see a flow level at 306mcm from Norway (313). Russian nominations showing Velke Kapusany at 37.0mcm (37.8) and Sudzha at 41.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 98.44% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 6.

This morning we see the Front Month TTF contract at €48, DOWN €3 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €48, Front Season €55 (vs €51 and €55)
Curve NBP Front Month 126p, Front Season 142p (vs 124p and 140p)
UK Gas NBP spot 103p (from 103p)
UK Power DA £109 (from £73)

UK power prices show the UK Front Month Baseload contract at £109 (£108) and Front Season at £116 (£116).

In other areas of the market Brent Oil is at $92 ($92) and EUAs are at €81 (€82). Henry Hub is at $2.90 ($2.96) and JKM is at $18.40 ($18.25) with TTF Equiv of $15.87 ($15.55).

Numbers in brackets show the previous reports value.