Market Insights 08/07/2025

DAILY MARKET REPORT – 08/07/2025

Another quiet session seen yesterday to start the week.

With little change in any drivers to push in either direction, price levels remained stable once again.

UK temperatures are expected to remain elevated, above seasonal normal, in the weeks ahead. Limited wind generation – expected to hold around 4GW during this time also.

Gas storage levels now pushing into the 60% zone, and continuing to hold the 2022 trendline.

All fundamentals remaining unchanged from the previous sessions, and geopolitical news also muted. Whilst these remain the market may hold a steady state – of course until something changes.

Yesterday saw the TTF Front Month contract settle at €33.62 (from €33.47) and the NBP Front Month contract at 80.00p (from 79.59p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 324mcm (323). EU gas storage showing at 60.64% (60.29%) 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 €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 92p)
UK Gas NBP spot 82p (from 80p)
UK Power Base spot £75 (from £65)

UK power prices show the UK Front Month Baseload contract at £74 (£72) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $70 ($68) and EUAs are at €71 (€72). Henry Hub is at $3.41 ($3.41) and JKM is at $13.10 ($13.16) with TTF Equiv of $11.58 ($11.58).

Numbers in brackets show the previous reports value.