Market Insights 17/01/2025

DAILY MARKET REPORT – 17/01/2025

A small downward movement seen in yesterdays session as the market continues to slowly recover from Mondays bullish run.

No real change in overall outlook as we await the inauguration of President Trump into office on Monday where it is expected he will maintain his view of continued energy exports and further drilling licences to aid this view. Meanwhile US Henry Hub gas prices continue to push above $4.

Yesterday saw the TTF Front Month contract settle at €46.24 (from €47.01) and the NBP Front Month contract at 116.39p (from 118.45p).

Njord on unplanned outage this morning and we see a Norwegian flow nomination level at 324mcm (324), Flow levels from Russia are now zero. EU gas storage showing at 63.34% (64.15%) 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 €46, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €46, Front Season €46 (vs €46 and €47)
Curve NBP Front Month 116p, Front Season 114p (vs 118p and 115p)
UK Gas NBP spot 119p (from 120p)
UK Power Base spot £108 (from £127)

UK power prices show the UK Front Month Baseload contract at £96 (£98) and Front Season at £85 (£86).

In other areas of the market Brent Oil is at $81 ($82) and EUAs are at €78 (€78). Henry Hub is at $4.26 ($4.08) and JKM is at $13.75 ($13.91) with TTF Equiv of $13.97 ($14.17).

Numbers in brackets show the previous reports value.