Market Insights 19/06/2025

DAILY MARKET REPORT – 19/06/2025

An up and down session seen yesterday as the concerns continue to inject volatility into markets generally.

Whilst missiles being sent in either direction between Israel and Iran, the US potentially getting involved causes wider concerns. That said, President Trump suggested that Iran may hold talks with the US in the coming days.

Meanwhile Investment Funds continue to grow their net length in the energy markets with the latest Commitment of Traders report showing a doubling of net length over the last six weeks.

Yesterday saw the TTF Front Month contract settle at €38.69 (from €39.31) and the NBP Front Month contract at 91.28p (from 92.93p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 278mcm (279). EU gas storage showing at 54.36% (54.05%) 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 €40, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €40, Front Season €40 (vs €39 and €41)
Curve NBP Front Month 91p, Front Season 104p (vs 93p and 105p)
UK Gas NBP spot 92p (from 95p)
UK Power Base spot £92 (from £89)

UK power prices show the UK Front Month Baseload contract at £83 (£83) and Front Season at £93 (£93).

In other areas of the market Brent Oil is at $77 ($76) and EUAs are at €75 (€75). Henry Hub is at $3.99 ($3.85) and JKM is at $13.88 ($14.01) with TTF Equiv of $13.08 ($13.28).

Numbers in brackets show the previous reports value.