Market Insights 14/04/2025

DAILY MARKET REPORT – 14/04/2025

Not a great deal of movement to end last week, after yet another rollercoaster of sessions seen in the previous days.

Much of the movement was of course related to the impact of President Trumps tariffs, which are now on pause for 90 days at 10% whilst bilateral trade agreements are negotiated – with the exception of China who have both implemented tariffs of over 100% on each other.

EU gas storage sites now have an opportunity to refill once again and have already moved above 35%. It is expected the European Commissions proposal to add flexibility to the next two years will also be captured for this coming year if the law is passed quickly enough.

Friday saw the TTF Front Month contract settle at €33.46 (from €33.29) and the NBP Front Month contract at 83.10p (from 82.18p).

Dvalin joins Aasta Hansteen on unplanned outage this morning and we see a Norwegian flow nomination level at 313mcm (320). EU gas storage showing at 35.08% (34.97%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 2 (2).

This morning we see the Front Month TTF contract at €34, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €35 (vs €33 and €34)
Curve NBP Front Month 83p, Front Season 92p (vs 82p and 91p)
UK Gas NBP spot 82p (from 80p)
UK Power Base spot £81 (from £81)

UK power prices show the UK Front Month Baseload contract at £71 (£71) and Front Season at £83 (£81).

In other areas of the market Brent Oil is at $65 ($63) and EUAs are at €65 (€62). Henry Hub is at $3.53 ($3.56) and JKM is at $12.55 ($12.61) with TTF Equiv of $11.10 ($10.92).

Numbers in brackets show the previous reports value.