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November 19, 2024UK Energy Market Summary to Friday 15th November 2024
Closing Prices 15.11.2024
British gas prices softened on Wednesday, with the NBP spot price slipping by 0.6% to close at 3.8 p/kWh p/therm. Despite low wind generation set to persist, a marginal increase in temperatures is expected to cap heating demand. On the forward curve, the Sum-2025 contract dropped by over 1%, settling at 3.5 p/kWh, as traders took profits following yesterday’s rally.
British gas spot price saw an increase of over 5%, with the NBP spot price climbing to 4.0 p/kWh, driven by a rise in domestic demand for heating. On the forward curve, the NBP Sum-2025 contract jumped by around 5%, closing at 3.7 p/kWh, amid supply concerns related to the expiration of the Russian gas transit via Ukraine at the end of the year.
At time of writing, European gas storage levels are 91% full, with the UK 62% full. European gas storage levels have remained above the 5-year average throughout 2024. Over the past week gas has accounted for 38% of the UK generation mix with wind accounting for 27.4%, solar 2.3% and nuclear accounting for 15%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices inched 0.4% higher on Thursday due to a technical rebound, with gains limited by the prospect of oversupply in the coming months. Brent crude closed at $72.56 per barrel, while WTI crude ended at $68.70 per barrel.
European carbon prices declined, with the EUA Dec-2024 contract dropping by 2%, closing at 66.31 EUR/tonne. Despite a dip, the overall market sentiment remains driven by weather conditions, which continue to play a significant role in price movements.