Market Insights 20/05/2025

DAILY MARKET REPORT – 20/05/2025

Yet another session of very little movement to get the week underway.

This comes as the much-anticipated progress of peace talks pivoted on calls between the Presidents of the US, Ukraine and Russia. Despite the US-Ukraine call lasting just minutes and the US-Russia call two hours, it seems that little has progressed to reaching immediate peace or at least an immediate ceasefire. President Trump later said that if Russia are not serious to find a solution he may withdraw his interest to help.

Yesterday saw the TTF Front Month contract settle at €35.23 (from €35.16) and the NBP Front Month contract at 84.29p (from 83.84p).

Kollsnes on unplanned outage this morning and we see a Norwegian flow nomination level at 299mcm (302). EU gas storage showing at 44.75% (44.47%) 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 €37)
Curve NBP Front Month 84p, Front Season 94p (vs 84p and 94p)
UK Gas NBP spot 82p (from 84p)
UK Power Base spot £84 (from £86)

UK power prices show the UK Front Month Baseload contract at £75 (£77) and Front Season at £85 (£84).

In other areas of the market Brent Oil is at $66 ($65) and EUAs are at €70 (€71). Henry Hub is at $3.11 ($3.33) and JKM is at $11.97 ($11.90) with TTF Equiv of $11.63 ($11.49).

Numbers in brackets show the previous reports value.