Market Insight
Tony Jordan
26 October 2023

Market Insights 26/10/2023


Another fairly flat session with not much movement across the curve.

This has been the case of many sessions of late as the market seems to hold within an envelope of close range without any underlying reason to push in either direction.

Yesterday saw the TTF Front Month contract settle at €49.92 (from €49.26) and the NBP Front Month contract at 124.21p (from 122.15p).

No unplanned outage this morning and we see a flow level at 315mcm from Norway (302). Russian nominations showing Velke Kapusany at 38.2mcm (38.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 98.63% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 7.

This morning we see the Front Month TTF contract at €52, UP €2 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €52, Front Season €52 (vs €50 and €53)
Curve NBP Front Month 124p, Front Season 133p (vs 122p and 135p)
UK Gas NBP spot 119p (from 119p)
UK Power DA £110 (from £114)

UK power prices show the UK Front Month Baseload contract at £105 (£103) and Front Season at £112 (£113).

In other areas of the market Brent Oil is at $90 ($88) and EUAs are at €80 (€81). Henry Hub is at $3.01 ($2.97) and JKM is at $17.96 ($17.84) with TTF Equiv of $15.50 ($15.29).

Numbers in brackets show the previous reports value.