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January 5, 2025UK Energy Market Summary to Friday 13th December 2024
Closing prices 13.12.2024
British near-term gas prices declined on Monday. The NBP spot fell by 3% to close at 3.8 p/kWh, as milder weather weighed on demand. Further along the curve, the NBP Sum-2025 contract lost over 3%, settling at 3.6 p/kWh, driven by increased LNG flows.
In the UK, short-term gas prices decreased on Wednesday, following predictions of milder weather. The NBP spot price fell by more than 2% to end at 3.8 p/kWh. On the forward curve, the NBP Sum-2025 also showed a downward trend, dropping 1.4% to close at 3.6 p/kWh. Consistent LNG flows further eased supply worries.
At time of writing, European gas storage levels are 80% full, with the UK 58% full. European gas storage levels are trending within the 5-year average throughout 2024. Over the past week gas has accounted for 40% of the UK generation mix with wind accounting for 33%, solar 1% and nuclear accounting for 10%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices increased by about 2% on Wednesday, buoyed by new sanctions imposed by the European Union on Russia’s “ghost fleet,” which is anticipated to affect the Kremlin’s oil exports. Brent crude finished at $73.52 per barrel, while WTI crude rose to $70.29 per barrel.
European carbon prices rose by roughly 0.7% on Wednesday, with the EUA Dec-2024 contract closing at 68.63 EUR/tonne, just before the option expiry.