Market Insights 27/05/2025

DAILY MARKET REPORT – 27/05/2025

A small upward move to end the week seen in Fridays session.

Norwegian flows have been rather volatile ahead of a period of prolonged planned maintenance this summer – which will reduce flows until early July by up to 100mcm.

Over the weekend high winds reduced spot prices into negative territory for a significant number of hours.

Still no obvious signs of progress in peace talks as fractions begin to appear in public comments between the US and Russian Presidents in recent days.

Friday saw the TTF Front Month contract settle at €37.25 (from €36.36) and the NBP Front Month contract at 87.15p (from 86.81p).

Visund joins Troll on unplanned outage this morning and we see a Norwegian flow nomination level at 276mcm (285). EU gas storage showing at 46.30% (45.27%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 1 (3).

This morning we see the Front Month TTF contract at €37, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €37, Front Season €39 (vs €37 and €38)
Curve NBP Front Month 87p, Front Season 97p (vs 87p and 96p)
UK Gas NBP spot 90p (from 86p)
UK Power Base spot £60 (from £88)

UK power prices show the UK Front Month Baseload contract at £78 (£79) and Front Season at £88 (£88).

In other areas of the market Brent Oil is at $65 ($64) and EUAs are at €73 (€72). Henry Hub is at $3.33 ($3.25) and JKM is at $12.49 ($12.35) with TTF Equiv of $12.43 ($12.03).

Numbers in brackets show the previous reports value.