Market Insights 08/01/2025

DAILY MARKET REPORT – 08/01/2025

A flat session by the end of the day after a bearish start seen yesterday.

Lower wind generation expected for much of this week has pushed spot power prices upwards once again whilst being squeezed with lower temperatures. Both are expected to subside into next week on current forecasts.

Yesterday saw the TTF Front Month contract settle at €47.47 (from €47.33) and the NBP Front Month contract at 118.16p (from 117.91p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 330mcm (336), Flow levels from Russia are now zero. EU gas storage showing at 69.34% (69.94%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 7 (10).

This morning we see the Front Month TTF contract at €48, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €48, Front Season €47 (vs €47 and €47)
Curve NBP Front Month 118p, Front Season 115p (vs 118p and 114p)
UK Gas NBP spot 122p (from 122p)
UK Power Base spot £167 (from £94)

UK power prices show the UK Front Month Baseload contract at £97 (£97) and Front Season at £87 (£86).

In other areas of the market Brent Oil is at $77 ($76) and EUAs are at €74 (€74). Henry Hub is at $3.45 ($3.67) and JKM is at $14.27 ($14.29) with TTF Equiv of $14.44 ($14.44).

Numbers in brackets show the previous reports value.