Market Insights 29/04/2025

DAILY MARKET REPORT – 29/04/2025

Capturing the mainstream media headlines yesterday was of course the power outage causing chaos across Spain and Portugal – seemingly caused by a rare atmospheric phenomenon.

Markets were otherwise sitting relatively calm overall, despite a small downward move early in the session later retraced, to stay very close to Fridays settlements on the near-term contracts.

EU gas storage facilities now very much in injection mode, quickly heading to 40% and staying close to the 2022 trend line which saw aggressive injection rates over the summer months.

Yesterday saw the TTF Front Month contract settle at €32.40 (from €32.43) and the NBP Front Month contract at 78.27p (from 78.57p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 307mcm (324). EU gas storage showing at 38.69% (38.41%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 4 (3).

This morning we see the Front Month TTF contract at €32, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €33 (vs €32 and €33)
Curve NBP Front Month 78p, Front Season 87p (vs 79p and 80p)
UK Gas NBP spot 77p (from 77p)
UK Power Base spot £80 (from £78)

UK power prices show the UK Front Month Baseload contract at £72 (£72) and Front Season at £80 (£81).

In other areas of the market Brent Oil is at $66 ($67) and EUAs are at €65 (€66). Henry Hub is at $3.34 ($2.94) and JKM is at $11.28 ($11.27) with TTF Equiv of $10.82 ($10.82).

Numbers in brackets show the previous reports value.