Market Insight
Tony Jordan
7 December 2023

Market Insights 07/12/2023


A slight bounce in yesterdays session, which is unsurprising after a few consecutive bearish sessions.

Yesterday saw the TTF Front Month contract settle at €39.31 (from €38.13) and the NBP Front Month contract at 98.25p (from 95.38p).

No unplanned outage this morning and we see a flow level at 352mcm from Norway (348). Russian nominations showing Velke Kapusany at 43.0mcm (45.2) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 92.73% full as per AGSI+. LNG vessels due to arrive in UK next couple of weeks is 13.

This morning we see the Front Month TTF contract at €39, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €39, Front Season €39 (vs €39 and €38)
Curve NBP Front Month 98p, Front Season 97p (vs 95p and 94p)
UK Gas NBP spot 101p (from 95p)
UK Power DA £88 (from £111)

UK power prices show the UK Front Month Baseload contract at £91 (£90) and Front Season at £84 (£83).

In other areas of the market Brent Oil is at $74 ($77) and EUAs are at €69 (€69). Henry Hub is at $2.57 ($2.71) and JKM is at $16.01 ($16.06) with TTF Equiv of $12.44 ($12.06).

Numbers in brackets show the previous reports value.