Market Insight
Tony Jordan
2 November 2023

Market Insights 02/11/2023


A relatively level session seen yesterday following the bearish start to the week.

With gas storage now brimming at the limit, EU traders may now look towards using facilities in Ukraine – something looked at several years ago – for any excess gas they want to store for winter.

Yesterday saw the TTF Front Month contract settle at €47.76 (from €48.01) and the NBP Front Month contract at 122.31p (from 124.07p).

No unplanned outage this morning and we see a flow level at 333mcm from Norway (316). Russian nominations showing Velke Kapusany at 34.0mcm (36.7) and Sudzha at 40.0mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 99.32% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 9.

This morning we see the Front Month TTF contract at €48, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €48, Front Season €48 (vs €48 and €48)
Curve NBP Front Month 122p, Front Season 121p (vs 124p and 122p)
UK Gas NBP spot 84p (from 108p)
UK Power DA £69 (from £80)

UK power prices show the UK Front Month Baseload contract at £102 (£98) and Front Season at £100 (£100).

In other areas of the market Brent Oil is at $85 ($85) and EUAs are at €79 (€79). Henry Hub is at $3.49 ($3.58) and JKM is at $17.66 ($17.72) with TTF Equiv of $14.76 ($14.88).

Numbers in brackets show the previous reports value.