Market Insights 24/09/2025

DAILY MARKET REPORT – 24/09/2025

A further small upward movement seen in yesterdays session.

Norwegian flows struggling to get back to full throttle, with ongoing unplanned maintenance at selected assets, will be a concern but hopefully resolved in the coming days.

Meanwhile President Trump directly addressing the United Nations yesterday putting direct pressure on the European Union members buying Russian energy, whilst changing direction of his own views so far this year on several items, may have had an impact on the markets.

A small improvement in the temperature outlook for the coming weeks may help keep a lid on further upward movement in the near term.

Yesterday saw the TTF Front Month contract settle at €32.27 (from €31.84) and the NBP Front Month contract at 80.33p (from 79.05p).

Asgard on unplanned outage this morning and we see a Norwegian flow nomination level at 266mcm (277). EU gas storage showing at 81.96% (81.85%) 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 €32, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €32, Front Season €33 (vs €32 and €33)
Curve NBP Front Month 80p, Front Season 86p (vs 79p and 85p)
UK Gas NBP spot 80p (from 78p)
UK Power Base spot £85 (from £91)

UK power prices show the UK Front Month Baseload contract at £77 (£75) and Front Season at £84 (£83).

In other areas of the market Brent Oil is at $68 ($67) and EUAs are at €77 (€76). Henry Hub is at $2.85 ($2.81) and JKM is at $11.36 ($11.27) with TTF Equiv of $11.16 ($11.03).

Numbers in brackets show the previous reports value.