Market Insights 07/08/2025

DAILY MARKET REPORT – 07/08/2025

A bearish session seen yesterday as a couple of news stories pushed the market direction.

Early in the afternoon it was confirmed SEFEs Rehden gas storage capacity had been booked. In recent attempts this had seen mixed success. This was similarly timed by President Trump announcing tariffs on India.

The market initially fell before climbing before settling towards the close to end the session notably down compared to the previous – not really seen for some time.

It is also expected that Presidents Trump and Putin will meet in the coming weeks and could be as soon as next week, possibly with President Zelenskyy also present, pushing the potential that a positive step towards peace in Ukraine is nearing after three and a half years of conflict.

Yesterday saw the TTF Front Month contract settle at €33.26 (from €34.41) and the NBP Front Month contract at 82.11p (from 84.86p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 342mcm (343). EU gas storage showing at 70.35% (69.96%) 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 €33, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €35 (vs €33 and €36)
Curve NBP Front Month 82p, Front Season 91p (vs 85p and 93p)
UK Gas NBP spot 79p (from 83p)
UK Power Base spot £54 (from £69)

UK power prices show the UK Front Month Baseload contract at £78 (£79) and Front Season at £84 (£86).

In other areas of the market Brent Oil is at $67 ($68) and EUAs are at €71 (€72). Henry Hub is at $3.08 ($3.01) and JKM is at $11.93 ($11.99) with TTF Equiv of $11.36 ($11.69).

Numbers in brackets show the previous reports value.