Market Insights 13/05/2025

DAILY MARKET REPORT – 13/05/2025

An upward start to the week, as Fridays losses were quickly retraced in yesterdays session.

This was despite news of direct talks between Russia and Ukraine, at the highest possible level, later this week and the US announcing agreed tariffs with China who set levels on each other at eye-watering levels in a potential trade war.

There was also concern over the lack of gas storage capacity booked at the Rehden site in Germany, with the high level of costs cited as a deterrent in interest.

Yesterday saw the TTF Front Month contract settle at €35.39 (from €34.62) and the NBP Front Month contract at 84.60p (from 82.69p).

Troll on unplanned outage this morning and we see a Norwegian flow nomination level at 309mcm (310). EU gas storage showing at 42.87% (42.50%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 1 (2).

This morning we see the Front Month TTF contract at €35, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €37 (vs €35 and €36)
Curve NBP Front Month 85p, Front Season 94p (vs 83p and 93p)
UK Gas NBP spot 80p (from 84p)
UK Power Base spot £82 (from £79)

UK power prices show the UK Front Month Baseload contract at £78 (£76) and Front Season at £85 (£85).

In other areas of the market Brent Oil is at $65 ($64) and EUAs are at €73 (€70). Henry Hub is at $3.65 ($3.80) and JKM is at $11.44 ($11.47) with TTF Equiv of $11.53 ($11.45).

Numbers in brackets show the previous reports value.