Market Insight
Tony Jordan
18 December 2023

Market Insights 18/12/2023


Markets continued the bearish trend on Friday to end the week with price levels not seen for a considerable time.

As mentioned on Fridays report, this is in stark contrast to the price levels of just a year ago and 2023 has been a year of stabilisation for the markets after a couple of years of considerable volatility.

Friday saw the TTF Front Month contract settle at €33.19 (from €34.85) and the NBP Front Month contract at 82.55p (from 86.80p).

No unplanned outage this morning and we see a flow level at 354mcm from Norway (356). Russian nominations showing Velke Kapusany at 40.9mcm (42.3) and Sudzha at 41.3mcm (42.4). Nord Stream remains unavailable. EU gas storage showing at 88.84% 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 €32, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €34 (vs €33 and €35)
Curve NBP Front Month 83p, Front Season 83p (vs 87p and 87p)
UK Gas NBP spot 76p (from 77p)
UK Power DA £69 (from £78)

UK power prices show the UK Front Month Baseload contract at £80 (£82) and Front Season at £76 (£79).

In other areas of the market Brent Oil is at $77 ($77) and EUAs are at €66 (€67). Henry Hub is at $2.49 ($2.39) and JKM is at $11.77 ($15.33) with TTF Equiv of $10.62 ($11.24).

Numbers in brackets show the previous reports value.