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UK Energy Market Summary to Friday 14th February 2025
Closing prices 14.02.2025
Near-term gas prices sharply declined on Thursday, driven by expectations for an additional LNG shipment arriving by the end of February, increasing the total to 20. Additionally, more favourable temperature forecasts for late February into March also impacted prices. Therefore, NBP spot dropped by 7.5% to 4.4 p/kWh.
British near-term gas prices fell on Friday, attributed to optimistic weather predictions for late February and March, alongside diminished supply worries. Consequently, NBP spot declined by 2.2% to 4.3 p/kWh.
At time of writing, European gas storage levels are 44% full, with the UK 21% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 42% of the UK generation mix with wind accounting for 28%, solar 1% and nuclear accounting for 12%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices fell on Friday due to optimism surrounding a potential peace agreement between Russia and Ukraine that might alleviate supply issues. However, the declines were moderated by a postponement of U.S. tariffs and anticipated heightened economic pressure on Iran.
European carbon prices rallied on Friday, with EUAs expiring in Dec-2025 rising by 2.2% to 79.75 EUR/tonne. This increase was driven by a recovery from technical support levels, despite ongoing pressures from the bearish gas market.
Please contact hello@gleg.co.uk for a more detailed market analysis and expert view on how to navigate your energy procurement strategy through the current market volatility.