Market Insights 10/04/2025

DAILY MARKET REPORT – 10/04/2025

Markets showed yet more downside in yesterdays session as the trade war with China escalated with both sides adding further additional tariffs to each other.

That was of course until after market close when President Trump announced that, with the exception of China, all those countries that had tariffs applied to them would see a period of 90 days under which a flat 10% would apply. This would give some grace period for proper negotiating to take place to find a fair solution before they applied once again if no deal was secured.

Financial markets took a huge sigh of relief with the US markets rallying whilst he spoke and Asian markets overnight doing much the same. European markets are expected to follow once they open this morning.

Energy markets have reacted also the news and have shown some upside this morning by around 5-6% from last nights very low closing values.

The outlook however remains unchanged – that is with huge uncertainty as to what comes next.

Yesterday saw the TTF Front Month contract settle at €33.67 (from €36.23) and the NBP Front Month contract at 83.21p (from 88.75p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 330mcm (325). EU gas storage showing at 34.95% (34.95%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 1 (1).

This morning we see the Front Month TTF contract at €36, UP €2 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €36, Front Season €35 (vs €34 and €37)
Curve NBP Front Month 83p, Front Season 92p (vs 89p and 96p)
UK Gas NBP spot 84p (from 88p)
UK Power Base spot £83 (from £85)

UK power prices show the UK Front Month Baseload contract at £70 (£72) and Front Season at £81 (£83).

In other areas of the market Brent Oil is at $65 ($63) and EUAs are at €61 (€62). Henry Hub is at $3.82 ($3.47) and JKM is at $12.69 ($12.77) with TTF Equiv of $10.90 ($11.59).

Numbers in brackets show the previous reports value.