Market Insight
Tony Jordan
13 November 2023

Market Insights 13/11/2023


A bearish end to the week, unwinding the gains seen in the bullish session on Thursday.

Friday saw the TTF Front Month contract settle at €46.63 (from €48.13) and the NBP Front Month contract at 117.77p (from 122.06p).

No unplanned outage this morning and we see a flow level at 327mcm from Norway (343). Russian nominations showing Velke Kapusany at 34.8mcm (37.2) and Sudzha at 40.5mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 99.45% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 8.

This morning we see the Front Month TTF contract at €45, DOWN €2 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €45, Front Season €47 (vs €47 and €48)
Curve NBP Front Month 118p, Front Season 118p (vs 122p and 121p)
UK Gas NBP spot 94p (from 106p)
UK Power DA £82 (from £97)

UK power prices show the UK Front Month Baseload contract at £99 (£103) and Front Season at £100 (£102).

In other areas of the market Brent Oil is at $81 ($80) and EUAs are at €79 (€77). Henry Hub is at $3.03 ($3.04) and JKM is at $17.19 ($17.26) with TTF Equiv of $14.59 ($15.12).

Numbers in brackets show the previous reports value.