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September 3, 2024UK Energy Market Summary to Friday 30th August 2024
Closing Prices 30.08.2024
British near-term gas prices edged higher on Tuesday due to planned maintenance, which led to the lowest gas flows into European entry points in a year. The NBP spot price rose by 4%, closing at 3.1 p/kWh. Meanwhile, the Win-2024 gas price increased by nearly 3% to 3.6 p/kWh as geopolitical tensions continued to escalate in the Middle East and on the Ukraine-Russia border.
Prices continued to settle higher on Wednesday, influenced by a mix of lower Norwegian flows, increased power demand for cooling, and ongoing geopolitical concerns. The NBP spot price increased marginally by 2%, closing at 3.1 p/kWh. Meanwhile, the Win-2024 gas price remained stable, settling at 3.6 p/kWh as high storage levels continued to exert downward pressure.
At time of writing, European gas storage levels are 92% full, with the UK 65% full. European gas storage levels have remained above the 5-year average throughout 2024. Over the past week gas has accounted for 24% of the UK generation mix with wind accounting for 30%, solar 8.4% and nuclear accounting for 20%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices fell by over 1% on Wednesday as concerns about China’s economic growth outweighed signals of robust demand in the US. Brent crude closed at $78.65 per barrel, while WTI crude settled at $74.52 per barrel.
European carbon prices dropped by 1% on Wednesday as investment funds continued to reduce their bearish bets, reflecting a shift in market sentiment. The EUAs expiring in Dec-2024 settled at 70.77 EUR/tonne.