Market Insights 30/06/2026

DAILY MARKET REPORT – 30/06/2025

A calm end to the week after a volatile month seen throughout June – driven by geopolitical events as is now commonplace – primarily escalation and de-escalation of tensions in the Middle East.

Today we see new front month contracts in place. No significant changes to the underlying fundamentals in the market, as we move forwards through summer, with steadily increasing gas storage levels and steady Norwegian output.

Germany is seeking to make amendments to its law to limit foreign change of control of the Nord Stream 2 AG pipelines. Late last year it was rumoured Americans were seeking to take ownership of them. Germany fears that NS2 going into administration will lead to asset sales which could lead to anyone purchasing the pipelines.

Friday saw the TTF Front Month contract settle at €33.66 (from €34.02) and the NBP Front Month contract at 78.68p (from 79.14p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 319mcm (315). EU gas storage showing at 58.15% (57.15%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 0 (1).

This morning we see the Front Month TTF contract at €33, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €36 (vs €34 and €36)
Curve NBP Front Month 79p, Front Season 91p (vs 79p and 93p)
UK Gas NBP spot 78p (from 77p)
UK Power Base spot £77 (from £64)

UK power prices show the UK Front Month Baseload contract at £72 (£72) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $68 ($68) and EUAs are at €71 (€70). Henry Hub is at $3.74 ($3.53) and JKM is at $13.20 ($13.33) with TTF Equiv of $11.58 ($11.67).

Numbers in brackets show the previous reports value.