Market Insights 15/04/2025

DAILY MARKET REPORT – 15/04/2025

A slightly bullish start to the week seen in yesterdays session.

US officials have said that negotiations on trade deals, including those with the European Union, are making good progress – whilst they temporarily sit on 10% tariffs for 90 days.

Meanwhile European countries are starting to realise the importance and value of Russian gas with comments being made by several utilities and major consumers stating that they would accept Russian gas (both pipeline and LNG) in obtaining energy security. This has been considered as likely to form part of any ‘peace deal’ in relation to the Russia-Ukraine conflict, but to hear directly made comments to the affirmative may suggest some progress in discussions may be taking place behind the scenes.

Yesterday saw the TTF Front Month contract settle at €34.50 (from €33.46) and the NBP Front Month contract at 85.37p (from 83.10p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 323mcm (313). EU gas storage showing at 35.58% (35.08%) 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, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €36 (vs €35 and €35)
Curve NBP Front Month 85p, Front Season 94p (vs 83p and 92p)
UK Gas NBP spot 84p (from 82p)
UK Power Base spot £83 (from £81)

UK power prices show the UK Front Month Baseload contract at £73 (£71) and Front Season at £85 (£83).

In other areas of the market Brent Oil is at $65 ($65) and EUAs are at €67 (€65). Henry Hub is at $3.33 ($3.53) and JKM is at $12.52 ($12.55) with TTF Equiv of $11.51 ($11.10).

Numbers in brackets show the previous reports value.