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UK Energy Market Summary to Friday 21st February 2025
Closing prices 21.02.2025
Rising temperatures exerted bearish pressure on British near-term gas prices on Wednesday. As a result, NBP spot dropped by 4.3%, settling at 3.9 p/kWh, due to diminished energy demand. On the forward curve, the Summer 2025 delivery contract decreased by over 2%, closing at 3.9 p/kWh.
The UK has secured an additional three LNG shipments for February 2025, bringing the total to 28, which represents a 105% increase in volumes compared to February 2024. Consequently, the NBP spot fell by nearly 1% on Thursday, closing at 3.8 p/kWh.
At time of writing, European gas storage levels are 40% full, with the UK 20% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 25% of the UK generation mix with wind accounting for 42.3%, 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
Despite U.S. crude oil inventories increasing more than anticipated, fuel stockpiles decreased due to seasonal maintenance at refineries, which resulted in a decrease in processing.
European carbon prices decreased on Thursday, primarily due to a weaker energy market. Dec-2025 reached a six-week low, reflecting a 2% drop to 72.67 EUR/tonne.