Market Insights 08/05/2025

DAILY MARKET REPORT – 08/05/2025

A small downward move seen come the end of yesterdays session with markets trying to decipher what impact escalation between India and Pakistan may cause.

The European Commissions plans to phase out Russian gas in the coming years was publicly rejected by Slovakia and Hungary, perhaps as expected, with both citing it will cause further problems for Europe.

LNG prices in Europe have become on par once again with Asian market prices following the drift causing several cargoes to be diverted away from Europe last week.

Yesterday saw the TTF Front Month contract settle at €34.53 (from €34.74) and the NBP Front Month contract at 83.07p (from 83.78p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 285mcm (280). EU gas storage showing at 41.60% (41.41%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 3 (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 €36)
Curve NBP Front Month 83p, Front Season 93p (vs 84p and 93p)
UK Gas NBP spot 82p (from 84p)
UK Power Base spot £85 (from £85)

UK power prices show the UK Front Month Baseload contract at £76 (£78) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $61 ($62) and EUAs are at €71 (€69). Henry Hub is at $3.62 ($3.46) and JKM is at $11.41 ($11.32) with TTF Equiv of $11.50 ($10.94).