Market Insight
Tony Jordan
29 January 2025

Market Insights 29/01/2025

DAILY MARKET REPORT – 29/01/2025

A fairly flat day seen in yesterdays session across the curve.

In the afternoon the Danish Energy Agency confirmed it had granted permission for Nord Stream 2 AG to undertake preservation works later this year to install specially manufactured plugs to the damaged string of the pipeline whilst one string remains intact. The works are not expected to see the pipeline flow gas, but to contain environmental concerns as natural gas is still in both pipelines.

Later this week a low wind forecast may once again see spot power prices rise – the third such event in as many weeks. It is expected to be colder than seasonal normal for the start of February before returning to normal levels for the remainder of the month.

Yesterday saw the TTF Front Month contract settle at €48.22 (from €47.86) and the NBP Front Month contract at 121.20p (from 120.15p).

Asgard on unplanned outage this morning and we see a Norwegian flow nomination level at 315mcm (320), Flow levels from Russia are now zero. EU gas storage showing at 55.46% (55.82%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 12 (10).

This morning we see the Front Month TTF contract at €49, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €49, Front Season €48 (vs €48 and €48)
Curve NBP Front Month 121p, Front Season 118p (vs 120p and 118p)
UK Gas NBP spot 123p (from 120p)
UK Power Base spot £97 (from £102)

UK power prices show the UK Front Month Baseload contract at £105 (£103) and Front Season at £91 (£90).

In other areas of the market Brent Oil is at $77 ($77) and EUAs are at €80 (€79). Henry Hub is at $3.47 ($3.70) and JKM is at $13.99 ($14.02) with TTF Equiv of $14.74 ($14.72).

Numbers in brackets show the previous reports value.