Market Insight
Tony Jordan
29 November 2023

Market Insights 29/11/2023


A continuation of the downward trend seen in yesterdays session as the market still grows some confidence in managing through this winter.

Yesterday saw the TTF Front Month contract settle at €42.77 (from €43.98) and the NBP Front Month contract at 108.68p (from 112.21p).

Aasta Hansteen on unplanned outage this morning and we see a flow level at 341mcm from Norway (346). Russian nominations showing Velke Kapusany at 45.7mcm (43.0) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 96.99% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 7.

This morning we see the Front Month TTF contract at €42, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €42, Front Season €43 (vs €43 and €44)
Curve NBP Front Month 109p, Front Season 108p (vs 112p and 111p)
UK Gas NBP spot 110p (from 115p)
UK Power DA £125 (from £112)

UK power prices show the UK Front Month Baseload contract at £96 (£98) and Front Season at £96 (£99).

In other areas of the market Brent Oil is at $82 ($80) and EUAs are at €73 (€74). Henry Hub is at $2.84 ($2.79) and JKM is at $16.42 ($16.51) with TTF Equiv of $13.78 ($14.09).

Numbers in brackets show the previous reports value.