Market Insight
Tony Jordan
27 November 2023

Market Insights 27/11/2023


Markets saw a flat end to the week in Fridays session.

This week sees the end of the December contract as the front month as we start to look forward to the second half of winter delivery. As we approach the end of November we still hold some impressive levels of gas storage inventory, which may be called upon as we are expecting some colder temperatures in the days ahead.

Friday saw the TTF Front Month contract settle at €46.66 (from €46.83) and the NBP Front Month contract at 119.87p (from 119.79p).

No unplanned outage this morning and we see a flow level at 346mcm from Norway (343). Russian nominations showing Velke Kapusany at 36.2mcm (39.0) and Sudzha at 39.2mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 97.69% 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 €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 €46 (vs €47 and €46)
Curve NBP Front Month 120p, Front Season 117p (vs 120p and 118p)
UK Gas NBP spot 119p (from 122p)
UK Power DA £107 (from £83)

UK power prices show the UK Front Month Baseload contract at £103 (£103) and Front Season at £104 (£103).

In other areas of the market Brent Oil is at $81 ($81) and EUAs are at €77 (€77). Henry Hub is at $2.86 ($2.90) and JKM is at $17.10 ($16.49) with TTF Equiv of $14.95 ($14.97).

Numbers in brackets show the previous reports value.