UK Energy Market Summary to Friday 17th January 2025
Closing Prices 17.01.2025
The British gas spot price saw a 0.7% decline on Wednesday, driven by steady LNG imports. The NBP spot price closed at 4.1 p/kWh. On the forward curve, the NBP Sum-2025 contract also had a marginal decrease of 0.3%, settling at 3.9 p/kWh, influenced by the potential for a ceasefire in Gaza and market stability.
Gas prices declined on Thursday amid improved weather conditions and increased wind generation output. The NBP spot price fell by 0.6% to 4.1 p/kWh. Additionally, eased geopolitical fears following a Middle East ceasefire weighed on forward contracts with the NBP Sum-2025 forward contract dropped by 1.2% to settle at 3.9 p/kWh.
At time of writing, European gas storage levels are 61% full, with the UK 36% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 52% of the UK generation mix with wind accounting for 26%, solar 1% and nuclear accounting for 11%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices moved downwards on Thursday as profit-taking followed a recent rally driven by U.S. sanctions on Russia. Brent crude dropped less by 1% to $81.29 per barrel, while WTI crude decreased by 1.7% to end at $78.68 per barrel.
European carbon prices surged to a one-year high, bolstered by fund activity and bullish market sentiment. The EUA Dec-2025 contract gained 1.3%, closing at around 78 EUR/tonne.