Market Insight
Tony Jordan
17 November 2023

Market Insights 17/11/2023


A bearish session across the board seen yesterday as fundamentals remain strong allowing the market to dip back towards the low of the recent envelope it has recently been holding.

Yesterday saw the TTF Front Month contract settle at €45.85 (from €47.04) and the NBP Front Month contract at 115.47p (from 118.15p).

No unplanned outage this morning and we see a flow level at 339mcm from Norway (340). Russian nominations showing Velke Kapusany at 40.0mcm (37.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 99.36% 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 €47)
Curve NBP Front Month 115p, Front Season 117p (vs 118p and 120p)
UK Gas NBP spot 102p (from 107p)
UK Power DA £110 (from £112)

UK power prices show the UK Front Month Baseload contract at £97 (£98) and Front Season at £100 (£101).

In other areas of the market Brent Oil is at $77 ($81) and EUAs are at €77 (€80). Henry Hub is at $3.06 ($3.19) and JKM is at $17.10 ($17.19) with TTF Equiv of $14.59 ($14.98).

Numbers in brackets show the previous reports value.