Market Insight
Tony Jordan
31 January 2025

Market Insights 31/01/2025

DAILY MARKET REPORT – 31/01/2025

A fairly flat day seen in yesterdays session in the end, despite it showing potential further gains at points during the day.

Prices remain at elevated levels and show just how nervous the market remains with any potential concerning news such as those described in the last few days.

With it being the end of the month forward contracts now roll on a month.

Yesterday saw the TTF Front Month contract settle at €51.44 (from €51.16) and the NBP Front Month contract at 126.34p (from 128.56p).

Asgard remains on unplanned outage this morning and we see a Norwegian flow nomination level at 325mcm (317), Flow levels from Russia are now zero. EU gas storage showing at 54.65% (55.08%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 12 (12).

This morning we see the Front Month TTF contract at €51, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €51, Front Season €51 (vs €51 and €51)
Curve NBP Front Month 126p, Front Season 124p (vs 129p and 124p)
UK Gas NBP spot 132p (from 133p)
UK Power Base spot £120 (from £114)

UK power prices show the UK Front Month Baseload contract at £118 (£116) and Front Season at £96 (£91).

In other areas of the market Brent Oil is at $77 ($77) and EUAs are at €83 (€83). Henry Hub is at $3.05 ($3.17) and JKM is at $14.23 ($14.30) with TTF Equiv of $15.68 ($15.62).

Numbers in brackets show the previous reports value.