Market Insights 29/05/2025

DAILY MARKET REPORT – 29/05/2025

A slight uptick seen in yesterdays session as we head towards the end of the month.

Mixed short term news, including variations in flow levels from Norway as they manage both planned and unplanned maintenance.

Yesterdays day ahead power prices are low, usual for a weekday, for much of the working day today thanks to fluctuating wind generation.

Meanwhile the Commitment of Traders report shows that Investment Funds are once again increasing their net length with a 20% increase in the latest weeks data published. This will be helping prices hold firm, and push upwards.

Yesterday saw the TTF Front Month contract settle at €36.69 (from €37.01) and the NBP Front Month contract at 87.81p (from 88.46p).

Troll remains on unplanned outage this morning and we see a Norwegian flow nomination level at 295mcm (278). EU gas storage showing at 46.87% (46.58%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 2 (1).

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 €38 (vs €37 and €38)
Curve NBP Front Month 88p, Front Season 98p (vs 88p and 98p)
UK Gas NBP spot 87p (from 94p)
UK Power Base spot £48 (from £80)

UK power prices show the UK Front Month Baseload contract at £73 (£75) and Front Season at £88 (£87).

In other areas of the market Brent Oil is at $65 ($64) and EUAs are at €72 (€72). Henry Hub is at $3.56 ($3.40) and JKM is at $12.47 ($12.50) with TTF Equiv of $12.14 ($12.30).

Numbers in brackets show the previous reports value.