Market Insight
Tony Jordan
16 November 2023

Market Insights 16/11/2023


Another relatively quiet session seen yesterday resulting in small discount at the front of the curve and Summer 24 contracts staying put … and the trend continues for now.

Yesterday saw the TTF Front Month contract settle at €47.04 (from €47.61) and the NBP Front Month contract at 118.15p (from 119.11p).

Troll on unplanned outage this morning and we see a flow level at 340mcm from Norway (337). 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 99.40% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 5.

This morning we see the Front Month TTF contract at €46, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €46, Front Season €47 (vs €47 and €48)
Curve NBP Front Month 118p, Front Season 120p (vs 119p and 120p)
UK Gas NBP spot 107p (from 103p)
UK Power DA £112 (from £85)

UK power prices show the UK Front Month Baseload contract at £98 (£98) and Front Season at £101 (£102).

In other areas of the market Brent Oil is at $81 ($82) and EUAs are at €80 (€79). Henry Hub is at $3.19 ($3.11) and JKM is at $17.19 ($17.13) with TTF Equiv of $14.98 ($15.16).

Numbers in brackets show the previous reports value.