DAILY MARKET REPORT – 07/01/2025
A correction was seen in price levels yesterday as the first ‘full’ day back for the majority of people after the festive break , with markets are now getting used to the new realisation of supply structure, long expected to be the case.
Yesterday saw the TTF Front Month contract settle at €47.33 (from €49.62) and the NBP Front Month contract at 117.91p (from 123.82p).
Kollsnes remains on unplanned outage this morning and we see a Norwegian flow nomination level at 336mcm (336), Flow levels from Russia are now zero. EU gas storage showing at 69.94% (70.33%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 10 (10).
This morning we see the Front Month TTF contract at €47, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €47, Front Season €47 (vs €47 and €49)
Curve NBP Front Month 118p, Front Season 114p (vs 124p and 118p)
UK Gas NBP spot 122p (from 122p)
UK Power Base spot £86 (from £86)
UK power prices show the UK Front Month Baseload contract at £97 (£103) and Front Season at £86 (£90).
In other areas of the market Brent Oil is at $76 ($77) and EUAs are at €74 (€76). Henry Hub is at $3.67 ($3.35) and JKM is at $14.29 ($14.36) with TTF Equiv of $14.44 ($14.98).
Numbers in brackets show the previous reports value.
Market Insights 07/01/2025
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