Market Insights 06/06/2025

DAILY MARKET REPORT – 06/06/2025

An upward session seen yesterday as the impact of lower Norwegian output remains the key focus this month.

Combined with lower wind generation expected for the coming weeks, this may keep the market tight for the time being.

Centrica renewed its 10-year deal with Equinor to import Norwegian gas for the next decade, expected to be worth more than £20bn with volume equating to around 10% of the UK demand.

Yesterday saw the TTF Front Month contract settle at €36.39 (from €35.65) and the NBP Front Month contract at 85.42p (from 83.36p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 273mcm (262). EU gas storage showing at 49.88% (49.55%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 2 (2).

This morning we see the Front Month TTF contract at €37, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €37, Front Season €38 (vs €36 and €37)
Curve NBP Front Month 85p, Front Season 96p (vs 83p and 94p)
UK Gas NBP spot 87p (from 86p)
UK Power Base spot £75 (from £74)

UK power prices show the UK Front Month Baseload contract at £77 (£75) and Front Season at £86 (£85).

In other areas of the market Brent Oil is at $65 ($65) and EUAs are at €73 (€73). Henry Hub is at $3.68 ($3.72) and JKM is at $12.42 ($12.37) with TTF Equiv of $12.23 ($11.95).

Numbers in brackets show the previous reports value.