UK ENERGY MARKET SUMMARY TO FRIDAY 23rd AUGUST 2024
Closing Prices 23.08.2024
British near-term gas prices declined on Tuesday, driven by stable Norwegian flows, with the NBP spot price falling by over 4% to 2.9 p/kWh. The Win-2024 gas price also dropped by over 4% to 3.6 p/kWh, as European gas storage levels reached 90% capacity.
British near-term gas prices edged lower, influenced by stable Norwegian flows. The NBP spot price sustained 2.9 p/kWh. Meanwhile, the Winter 2024 gas price dropped to further to 3.5 p/kWh, as European storage levels remain high and Ukrainian gas flows continue uninterrupted.
At time of writing, European gas storage levels are 91% 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 13% of the UK generation mix with wind accounting for 49%, solar 8% 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 on Wednesday due to US softening economy. Brent crude dropped by 1%, closing at $76.05 per barrel, while WTI crude decreased by 2%, settling at $71.93 per barrel.
European carbon prices also followed the bearish trend in gas prices, with EUAs expiring in Dec-2024 dropping by 1% to 72.14 EUR/tonne.