Market Insights 03/04/2025

DAILY MARKET REPORT – 03/04/2025

Yesterday saw an unwinding of the previous sessions upward movement.

With little progress on peace talks, publicly at least, the rumour mill of what may or may not be included in any deal made seems to have run out of steam for now.

Instead, President Trump has been busy with changes to the US economy and last night announced a major change to tariffs charged to the rest of the world, but excluded energy from being captured in these.

Yesterday saw the TTF Front Month contract settle at €41.26 (from €42.45) and the NBP Front Month contract at 99.33p (from 102.65p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 302mcm (307). EU gas storage showing at 34.05% (33.59%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 2 (5).

This morning we see the Front Month TTF contract at €40, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €40, Front Season €42 (vs €41 and €42)
Curve NBP Front Month 99p, Front Season 107p (vs 103p and 109p)
UK Gas NBP spot 99p (from 101p)
UK Power Base spot £68 (from £73)

UK power prices show the UK Front Month Baseload contract at £80 (£82) and Front Season at £91 (£93).

In other areas of the market Brent Oil is at $75 ($74) and EUAs are at €69 (€70). Henry Hub is at $4.06 ($3.95) and JKM is at $13.19 ($13.23) with TTF Equiv of $13.16 ($13.46).

Numbers in brackets show the previous reports value.