Market Insights 26/09/2025

DAILY MARKET REPORT – 26/09/2025

A small upward movement seen in yesterdays session.

French LNG plants announced force majeure, resulting from strike action, injecting some concerns into the market.

Meanwhile, Norwegian output has now returned to over 300mcm after planned maintenance and some associated restart issues in recent weeks. However some assets still report being curtailed.

The UK gas interconnector will be on a planned three week maintenance from next week. This usually creates some movement in the market.

An issue with the values of Romanian gas storage (down 72% from yesterday) has resulted in a net downward movement in the reported EU gas storage total in todays report.

Yesterday saw the TTF Front Month contract settle at €32.46 (from €31.90) and the NBP Front Month contract at 81.06p (from 79.49p).

Kristin joins Asgard which remains on unplanned outage this morning and we see a Norwegian flow nomination level at 301mcm (288). EU gas storage showing at 79.86% (82.00%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 2 (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 81p, Front Season 86p (vs 79p and 85p)
UK Gas NBP spot 80p (from 79p)
UK Power Base spot £83 (from £81)

UK power prices show the UK Front Month Baseload contract at £76 (£75) and Front Season at £84 (£83).

In other areas of the market Brent Oil is at $69 ($69) and EUAs are at €76 (€76). Henry Hub is at $2.90 ($2.86) and JKM is at $11.28 ($11.22) with TTF Equiv of $11.10 ($10.98).

Numbers in brackets show the previous reports value.