DAILY MARKET REPORT – 19/08/2025
A muted session as the world watched in anticipation of the en-mass arrival of President Zelenskyy and a number of European leaders to The White House late in the day.
The gathering appears to have set some positive tones, with the next step being to arrange a meeting directly between the Presidents of Ukraine and Russia in the coming days. It remains unclear as to what, if any, terms will be agreed as part of any potential peace deal. Of course the focus remains on security guarantees, but whether any lifting of sanctions or the flowing of Russian energy will form part of any settlement remains unclear.
Otherwise fundamentals appear to have taken a summer holiday of their own, instead choosing to also watch the developments unfold. After several days of unplanned outages in Norway, all fields and processing plants appear to be back online for the time being, although they are due to have major planned outages in the coming days.
Yesterday saw the TTF Front Month contract settle at €31.27 (from €31.03) and the NBP Front Month contract at 76.97p (from 76.45p).
No unplanned outage this morning and we see a Norwegian flow nomination level at 320mcm (317). EU gas storage showing at 73.91% (73.57%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 0 (0).
This morning we see the Front Month TTF contract at €31, NO CHANGE to the previous settlement.
A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €31, Front Season €33 (vs €31 and €32)
Curve NBP Front Month 77p, Front Season 84p (vs 76p and 84p)
UK Gas NBP spot 76p (from 78p)
UK Power Base spot £79 (from £85)
UK power prices show the UK Front Month Baseload contract at £73 (£73) and Front Season at £81 (£81).
In other areas of the market Brent Oil is at $67 ($66) and EUAs are at €72 (€71). Henry Hub is at $2.89 ($2.92) and JKM is at $10.93 ($10.95) with TTF Equiv of $10.70 ($10.66).
Numbers in brackets show the previous reports value.
Market Insights 19/08/2025
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