Market Insights 09/07/2025

DAILY MARKET REPORT – 09/07/2025

A small uptick in some contracts seen in yesterdays session.

Whilst the last few sessions have been somewhat muted, revised concerns around US trade tariffs have hit the headlines once again and caused a small uptick late on in yesterdays session.

Some tariffs had been paused for 90 days, expiring today, to allow for trade deals to be negotiated and those appear to have been delayed taking effect a little longer – suggesting talks are progressing positively. Other new tariffs were announced on several countries including Japan, Thailand and South Africa – taking effect on 1st August.

Yesterday saw the TTF Front Month contract settle at €34.22 (from €33.62) and the NBP Front Month contract at 81.71p (from 80.00p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 323mcm (324). EU gas storage showing at 60.92% (60.64%) 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 €35, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €36 (vs €34 and €36)
Curve NBP Front Month 82p, Front Season 93p (vs 80p and 92p)
UK Gas NBP spot 83p (from 82p)
UK Power Base spot £83 (from £75)

UK power prices show the UK Front Month Baseload contract at £75 (£74) and Front Season at £85 (£84).

In other areas of the market Brent Oil is at $70 ($70) and EUAs are at €70 (€71). Henry Hub is at $3.34 ($3.41) and JKM is at $13.12 ($13.10) with TTF Equiv of $11.76 ($11.58).

Numbers in brackets show the previous reports value.