Market Insights 24/03/2025

DAILY MARKET REPORT – 24/03/2025

Markets opened in bullish sentiment on Friday after news of the Sudzha metering station being on fire after a drone attack. However, details remained sparse throughout the day and the market retreated back to where it started by the end of the session to settle slightly down.

This week sees a further round of face-to-face talks in Saudi Arabia to find a pathway to a peace deal. Representatives from the US will meet with those from Russia and Ukraine to hammer out terms which the sides can agree to. Markets will be watching for any progress here and what impacts there may be for energy.

Friday saw the TTF Front Month contract settle at €42.61 (from €42.86) and the NBP Front Month contract at 103.79p (from 104.33p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 332mcm (319). EU gas storage showing at 33.90% (34.02%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 5 (6).

This morning we see the Front Month TTF contract at €42, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €42, Front Season €43 (vs €43 and €43)
Curve NBP Front Month 104p, Front Season 104p (vs 104p and 104p)
UK Gas NBP spot 104p (from 97p)
UK Power Base spot £98 (from £67)

UK power prices show the UK Front Month Baseload contract at £89 (£91) and Front Season at £85 (£85).

In other areas of the market Brent Oil is at $72 ($72) and EUAs are at €71 (€73). Henry Hub is at $3.98 ($3.98) and JKM is at $13.39 ($13.53) with TTF Equiv of $13.51 ($13.63).

Numbers in brackets show the previous reports value.