Market Insights 11/07/2025

DAILY MARKET REPORT – 11/07/2025

A more noticeable uptick seen in yesterdays session, albeit still small.

Numerous potential causes, including the US tariff reactions with the latest 1st August implementations due to kick in shortly and the extension of the 90 days on others.

Meanwhile the Israeli Prime Minister has been in The White House this week but appears to have left without finalising a peace deal which was widely expected to be high on the agenda.

Yesterday saw the TTF Front Month contract settle at €35.17 (from €34.30) and the NBP Front Month contract at 84.20p (from 82.03p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 322mcm (321). EU gas storage showing at 61.95% (61.23%) 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, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €35, Front Season €37 (vs €35 and €36)
Curve NBP Front Month 84p, Front Season 95p (vs 82p and 93p)
UK Gas NBP spot 84p (from 82p)
UK Power Base spot £84 (from £83)

UK power prices show the UK Front Month Baseload contract at £75 (£75) and Front Season at £86 (£85).

In other areas of the market Brent Oil is at $69 ($70) and EUAs are at €71 (€70). Henry Hub is at $3.34 ($3.21) and JKM is at $13.13 ($13.12) with TTF Equiv of $12.06 ($11.79).

Numbers in brackets show the previous reports value.