Market Insight
Tony Jordan
14 December 2023

Market Insights 14/12/2023


A slight uptick in yesterdays session, after having a few bearish sessions of late, isn’t a surprise to see.

Supply outlook still looking healthy may help to keep and hold this level for the foreseeable, after breaking below some key levels recently that have been a struggle to get through.

Yesterday saw the TTF Front Month contract settle at €35.81 (from €34.70) and the NBP Front Month contract at 89.65p (from 86.70p).

No unplanned outage this morning and we see a flow level at 357mcm from Norway (353). Russian nominations showing Velke Kapusany at 42.6mcm (42.5) and Sudzha at 42.4mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 90.09% 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 €36, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €36 (vs €36 and €35)
Curve NBP Front Month 90p, Front Season 89p (vs 87p and 87p)
UK Gas NBP spot 84p (from 83p)
UK Power DA £83 (from £82)

UK power prices show the UK Front Month Baseload contract at £84 (£82) and Front Season at £80 (£77).

In other areas of the market Brent Oil is at $74 ($73) and EUAs are at €69 (€68). Henry Hub is at $2.34 ($2.31) and JKM is at $15.46 ($15.62) with TTF Equiv of $11.33 ($10.98).

Numbers in brackets show the previous reports value.