Market Insights 07/02/2025

DAILY MARKET REPORT – 07/02/2025

Further upside seen in yesterdays session as the bullish momentum continues.

As mentioned yesterday it is difficult to see reasoning for a sudden fall in price levels, however we may see days of correction such as those earlier this week.

Colder temperatures remain expected for the weeks ahead which will continue to concern the plans for EU gas storage for the year ahead, although the summer-winter spread is slowly closing it remains largely negative.

Yesterday saw the TTF Front Month contract settle at €54.50 (from €53.44) and the NBP Front Month contract at 133.19p (from 130.47p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 336mcm (329). EU gas storage showing at 50.63% (51.30%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 10 (10).

This morning we see the Front Month TTF contract at €54, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €54, Front Season €54 (vs €55 and €53)
Curve NBP Front Month 133p, Front Season 130p (vs 130p and 127p)
UK Gas NBP spot 135p (from 135p)
UK Power Base spot £114 (from £120)

UK power prices show the UK Front Month Baseload contract at £110 (£107) and Front Season at £101 (£98).

In other areas of the market Brent Oil is at $74 ($75) and EUAs are at €82 (€81). Henry Hub is at $3.41 ($3.36) and JKM is at $14.52 ($14.43) with TTF Equiv of $16.59 ($16.34).

Numbers in brackets show the previous reports value.