Market Insights 18/09/2025

DAILY MARKET REPORT – 18/09/2025

Another day of small movement, hardly noticeable in yesterdays session.

President Trump continues his state visit with a more ‘business’ focused agenda today, which is more likely to see him comment on global matters after being kept away from the public eye whilst in company of the Royal Family yesterday.

No change to the outlook from recent days and the holding pattern continues for now.

EU gas storage levels now well into the 80% zone, however Ukraine sits just below 25%. This may become a focus of concern for Europe at some point if it is required to assist with supply security over the winter period.

Yesterday saw the TTF Front Month contract settle at €32.40 (from €32.33) and the NBP Front Month contract at 79.52p (from 79.30p).

No unplanned outage this morning and we see a Norwegian flow nomination level at 234mcm (232). EU gas storage showing at 80.97% (80.83%) 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, UP €1 to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €33 (vs €32 and €33)
Curve NBP Front Month 80p, Front Season 86p (vs 79p and 86p)
UK Gas NBP spot 80p (from 81p)
UK Power Base spot £48 (from £75)

UK power prices show the UK Front Month Baseload contract at £75 (£75) and Front Season at £84 (£84).

In other areas of the market Brent Oil is at $68 ($68) and EUAs are at €77 (€78). Henry Hub is at $3.10 ($3.10) and JKM is at $11.48 ($11.45) with TTF Equiv of $11.23 ($11.24).

Numbers in brackets show the previous reports value.