Market Insight
Tony Jordan
10 November 2023

Market Insights 10/11/2023


Market prices rose yesterday after a couple of quiet sessions, but maintaining a range seen for some time now.

The latest long term temperature forecast shows little change, with close to seasonal normal to be expected through to the end of the year.

Yesterday saw the TTF Front Month contract settle at €48.13 (from €45.78) and the NBP Front Month contract at 122.06p (from 116.12p).

No unplanned outage this morning and we see a flow level at 343mcm from Norway (345). Russian nominations showing Velke Kapusany at 37.2mcm (36.7) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 99.57% 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, 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 €46)
Curve NBP Front Month 122p, Front Season 121p (vs 116p and 116p)
UK Gas NBP spot 106p (from 103p)
UK Power DA £97 (from £97)

UK power prices show the UK Front Month Baseload contract at £103 (£97) and Front Season at £102 (£98).

In other areas of the market Brent Oil is at $80 ($80) and EUAs are at €77 (€76). Henry Hub is at $3.04 ($3.11) and JKM is at $17.26 ($17.29) with TTF Equiv of $15.12 ($14.38).

Numbers in brackets show the previous reports value.