Market Insights 02/05/2025

DAILY MARKET REPORT – 02/05/2025

A fairly quiet session yesterday, unwinding the small uptick from the previous, and price levels holding station overall.

With limited news stories, and no change in fundamentals, the market seems comfortable to hold these levels.

A small dip in temperatures is expected early next week before remaining close to seasonal normal for the rest of May and into early June in the latest long term forecasts.

Yesterday saw the TTF Front Month contract settle at €32.15 (from €32.32) and the NBP Front Month contract at 77.25p (from 77.93p).

Gullfaks on unplanned outage this morning and we see a Norwegian flow nomination level at 314mcm (315). EU gas storage showing at 39.52% (39.21%) 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 €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 €34 (vs €32 and €34)
Curve NBP Front Month 77p, Front Season 88p (vs 78p and 88p)
UK Gas NBP spot 72p (from 76p)
UK Power Base spot £76 (from £78)

UK power prices show the UK Front Month Baseload contract at £70 (£72) and Front Season at £80 (£81).

In other areas of the market Brent Oil is at $62 ($61) and EUAs are at €67 (€67). Henry Hub is at $3.48 ($3.33) and JKM is at $11.26 ($11.22) with TTF Equiv of $10.64 ($10.77).

Numbers in brackets show the previous reports value.