Market Insights 04/07/2025

DAILY MARKET REPORT – 04/07/2025

Another muted session seen yesterday.

Today is Independence Day in the US, and so may affect the volume of global trading due to it being a non-working day.

That may have given markets yesterday a bit of a ‘Friday feeling’ and we may expect much of the same today – especially with little change to any underlying drivers.

Yesterday saw the TTF Front Month contract settle at €33.62 (from €33.59) and the NBP Front Month contract at 79.91p (from 80.11p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 322mcm (319). EU gas storage showing at 59.44% (59.15%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 1 (1).

This morning we see the Front Month TTF contract at €34, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €34, Front Season €36 (vs €34 and €36)
Curve NBP Front Month 80p, Front Season 92p (vs 80p and 93p)
UK Gas NBP spot 79p (from 79p)
UK Power Base spot £60 (from £75)

UK power prices show the UK Front Month Baseload contract at £73 (£73) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $69 ($69) and EUAs are at €72 (€72). Henry Hub is at $3.41 ($3.49) and JKM is at $13.16 ($13.17) with TTF Equiv of $11.61 ($11.62).

Numbers in brackets show the previous reports value.