Market Insights 13/01/2025

DAILY MARKET REPORT – 13/01/2025

A flat end to a session which showed some bearish sentiment initially on Friday.

Temperatures are now expected to return close to seasonal normal this week after a cold spell.

Prices continue upwards this morning, continuing the trend seen late on Friday, despite the better outlook for the weeks ahead.

Friday saw the TTF Front Month contract settle at €45.01 (from €44.99) and the NBP Front Month contract at 113.07p (from 112.93p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 337mcm (332), Flow levels from Russia are now zero. EU gas storage showing at 66.38% (68.24%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 7 (8).

This morning we see the Front Month TTF contract at €47, UP €2 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €47, Front Season €45 (vs €45 and €45)
Curve NBP Front Month 113p, Front Season 111p (vs 113p and 110p)
UK Gas NBP spot 117p (from 113p)
UK Power Base spot £102 (from £229)

UK power prices show the UK Front Month Baseload contract at £93 (£93) and Front Season at £82 (£84).

In other areas of the market Brent Oil is at $80 ($77) and EUAs are at €75 (€73). Henry Hub is at $3.99 ($3.70) and JKM is at $14.16 ($14.19) with TTF Equiv of $13.51 ($13.58).

Numbers in brackets show the previous reports value.