Market Insights 10/09/2025

DAILY MARKET REPORT – 10/09/2025

A bearish start to yesterdays session was seen, before coming back almost level to the previous days settlement.

During the day Israel had launched a targeted attack on Hamas locations in Qatar in a surprising move. This may escalate tensions in the area further and cause some concern.

Whilst EU gas storage continues to climb towards, and likely beyond, the key 80% marker this week, Germanys largest facility Rehden is still lagging behind and failed again yesterday to allocate capacity in the latest auction. It is just 27% filled at this point in time.

In reference to a comment made in yesterdays report, Hungarys MVM CEEnergy, have announced they will be buying gas from Shell in a 10 year supply deal.

Yesterday saw the TTF Front Month contract settle at €32.93 (from €33.06) and the NBP Front Month contract at 80.78p (from 81.02p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 245mcm (240). EU gas storage showing at 79.63% (79.49%) 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 €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 €34 (vs €33 and €34)
Curve NBP Front Month 81p, Front Season 87p (vs 81p and 88p)
UK Gas NBP spot 81p (from 81p)
UK Power Base spot £75 (from £85)

UK power prices show the UK Front Month Baseload contract at £76 (£77) and Front Season at £85 (£85).

In other areas of the market Brent Oil is at $66 ($66) and EUAs are at €77 (€77). Henry Hub is at $3.12 ($3.09) and JKM is at $11.33 ($11.35) with TTF Equiv of $11.02 ($11.02).

Numbers in brackets show the previous reports value.