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October 22, 2024UK Energy Market Summary to Friday 18th October 2024
Closing Prices 18.10.2024
British near-term gas prices decreased on Tuesday, with the NBP spot falling by 1.6% to close at 3.3 p/kWh. Favourable weather conditions applied bearish pressure on day-ahead contracts. On the forward curve, the Sum-2025 contract declined by 1.6%, closing at 3.2 p/kWh, as reports indicated that Israel would not target Iran’s energy infrastructure, easing geopolitical concerns.
Gas prices climbed, with the NBP spot rising by 1%, closing at 3.3 p/kWh. The rise was supported by maintenance at the UK Continental Shelf (UKCS) and a one-day full maintenance at Norway’s Oseberg field. On the forward curve, the Sum-2025 contract remained steady closing at 3.2 p/kWh due to a stable supply.
At time of writing, European gas storage levels are 95% full, with the UK 61% full. European gas storage levels have remained above the 5-year average throughout 2024. Over the past week gas has accounted for 32% of the UK generation mix with wind accounting for 34%, solar 3% and nuclear accounting for 13%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices edged higher on Thursday due to a technical rebound, but market sentiment remained cautious due to concerns over weak global demand. Brent crude rose by 0.3%, closing at $74.45 per barrel, while WTI crude increased by 0.4%, settling at $70.67 per barrel.
European carbon prices saw modest trading activity, with the EUA Dec-2024 contract dipping by 0.1%, closing at 62.98 EUR/tonne, as energy markets showed little movement and demand remained subdued.