Market Insights 10/01/2025

DAILY MARKET REPORT – 10/01/2025

A further small downward movement seen along the curve in yesterdays session once again.

In the near term however, UK day ahead prices cleared at very high prices as expected. A tight market was forecast again as temperatures stay low and wind generation remains low.

Temperatures are expected to rise back to seasonal normal next week and remain there for the coming weeks.

Yesterday saw the TTF Front Month contract settle at €44.99 (from €45.56) and the NBP Front Month contract at 112.93p (from 114.03p).

Kollnnes back on unplanned outage this morning and we see a Norwegian flow nomination level at 332mcm (319), Flow levels from Russia are now zero. EU gas storage showing at 68.24% (68.83%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 8 (8).

This morning we see the Front Month TTF contract at €45, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €45, Front Season €45 (vs €45 and €46)
Curve NBP Front Month 113p, Front Season 110p (vs 114p and 111p)
UK Gas NBP spot 113p (from 119p)
UK Power Base spot £229 (from £104)

UK power prices show the UK Front Month Baseload contract at £93 (£95) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $77 ($76) and EUAs are at €73 (€72). Henry Hub is at $3.70 ($3.65) and JKM is at $14.19 ($14.23) with TTF Equiv of $13.58 ($13.77).

Numbers in brackets show the previous reports value.