Market Insights 10/07/2025

DAILY MARKET REPORT – 10/07/2025

A further small uptick seen in yesterdays session, but hardly noticeable as underlying drivers remain unchanged.

Markets continue to watch closely as to any developments that may be influential – and perhaps geopolitical movements could be a key driver, as they have been throughout much of the year so far, which often come without warning.

Yesterday saw the TTF Front Month contract settle at €34.30 (from €34.22) and the NBP Front Month contract at 82.03p (from 81.71p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 321mcm (323). EU gas storage showing at 61.23% (60.92%) 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 82p and 93p)
UK Gas NBP spot 82p (from 83p)
UK Power Base spot £83 (from £83)

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

In other areas of the market Brent Oil is at $70 ($70) and EUAs are at €70 (€70). Henry Hub is at $3.21 ($3.34) and JKM is at $13.12 ($13.12) with TTF Equiv of $11.79 ($11.76).

Numbers in brackets show the previous reports value.