UK Energy Market Summary to friday 20th December 2024
Closing prices 20.12.2024
Gas prices declined on Wednesday, driven by higher wind output. The NBP spot contract closed 1.4% lower at 3.4 p/kWh GBP/MWh. Similarly, forward gas prices decreased due to stable supply outlook. The NBP Sum-2025 contract fell by nearly 2%, ending at 3.4 p/kWh.
The UK near-term gas price increased by over 7%, closing at 3.6 p/kWh, supported by a drop in wind generation and colder weather. On the forward curve, the NBP Sum-2025 contract surged by nearly 5%, closing at 3.5 p/kWh driven by ongoing uncertainty surrounding Eastern European supplies and further storage withdrawals.
At time of writing, European gas storage levels are 77% full, with the UK 58% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 28% of the UK generation mix with wind accounting for 45%, solar 1% and nuclear accounting for 12%. Below summarises curve prices as at close of business on Thursday.
Curve UK Gas & Electricity MarketS
Other Energy Markets
Oil prices retreated on Thursday a day after the Federal Reserve indicated a slower pace for interest rate cuts next year, with Brent crude falling by 0.7% to close at $72.88 per barrel. Meanwhile, WTI crude declined by 1.7%, settling at $69.38 per barrel.
The European carbon prices increased by 4% on Thursday. The EUA Dec-2025 contract closed at 67.69 EUR/tonne, supported by bullish gas prices and strong buying interest from speculators.