Market Insights 28/08/2025

DAILY MARKET REPORT – 28/08/2025

A larger move downwards seen in yesterdays session as technical levels appear to be hit and create the move following a series of upward movements over the previous week.

This was on top of the weekly Commitment of Traders release where yet again further reduction in net length of Investment Funds of almost 17 TWh reported, leaving a net length of 65 TWh compared to the recent high of 190 TWh as of 20th June.

Higher wind generation is forecast over the weekend an mid next week, which may pressure spot power prices.

Yesterday saw the TTF Front Month contract settle at €32.55 (from €33.46) and the NBP Front Month contract at 80.43p (from 83.13p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 273mcm (281). EU gas storage showing at 76.43% (76.24%) 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 €32, DOWN €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €33 (vs €33 and €34)
Curve NBP Front Month 80p, Front Season 86p (vs 83p and 89p)
UK Gas NBP spot 80p (from 83p)
UK Power Base spot £83 (from £84)

UK power prices show the UK Front Month Baseload contract at £76 (£77) and Front Season at £83 (£84).

In other areas of the market Brent Oil is at $68 ($67) and EUAs are at €72 (€73). Henry Hub is at $2.89 ($2.72) and JKM is at $11.31 ($11.49) with TTF Equiv of $11.08 ($11.43).

Numbers in brackets show the previous reports value.