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November 25, 2025
UK Energy Market Summary to Friday 21st November 2025
Closing prices 21.11.2025
Forecasts of milder weather over the next two weeks and resumed Norwegian supply weighed on the British spot gas price, which fell by 1.7% to 2.8 p/kWh on Wednesday. On the forward curve, the Summer 2026 delivery contract dropped by 1.5%, settling at 2.6 p/kWh, as longer-term regional supply diversification through Ukraine’s new northern corridor via Lithuania helped curb upside risks.
British gas prices remained stable to slightly bullish on Thursday amid colder weather forecasts. NBP spot price rose by 0.7% to 2.8 p/kWh. Further along the curve, the contract for delivery in Q2 2026 ended rather flat at 2.5 p/kWh.
At time of writing, European gas storage levels are 79% full, with the UK 57% full. European gas storage levels are trending around the 5-year average. Over the past week gas has accounted for 3% of the UK generation mix with wind accounting for 13%, solar 3% and nuclear accounting for 10%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Brent crude oil prices declined on Thursday, closing at $63.38 per barrel, or merely a 0.2% loss, amid stable fundamentals and hopes for Russia-Ukraine peace deal. Similarly, WTI crude fell by 0.7%, ending at $59.00 a barrel.
European carbon prices eased on Wednesday, pressured by November option expiries, despite investment funds continuing to build record-long positions last week.