Market Insight
Tony Jordan
8 November 2023

Market Insights 08/11/2023


A slight uptick to undo much of Mondays session was seen yesterday.

Once again we find ourselves trading within a range whilst a direction is sought, but with little to push the market in one direction or the other it just bobbles along a range for a while.

Yesterday saw the TTF Front Month contract settle at €46.06 (from €44.83) and the NBP Front Month contract at 116.57p (from 113.66p).

No unplanned outage this morning and we see a flow level at 342mcm from Norway (331). Russian nominations showing Velke Kapusany at 37.6mcm (37.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 99.62% 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 €46, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €46, Front Season €46 (vs €46 and €46)
Curve NBP Front Month 117p, Front Season 117p (vs 114p and 114p)
UK Gas NBP spot 104p (from 100p)
UK Power DA £90 (from £86)

UK power prices show the UK Front Month Baseload contract at £97 (£95) and Front Season at £97 (£97).

In other areas of the market Brent Oil is at $82 ($85) and EUAs are at €75 (€76). Henry Hub is at $3.14 ($3.26) and JKM is at $17.36 ($17.45) with TTF Equiv of $14.44 ($14.13).

Numbers in brackets show the previous reports value.