What Is Great British Energy?
January 16, 2025
Low European Storage: Factor or Fear?
February 11, 2025
Closing Prices 07.02.2025
British near-term gas prices rose on Thursday due to forecasts of colder weather and a surge in EU gas markets. NBP spot increased by 1%, closing at 4.6 p/kWh. Additionally, the Sum 2025 delivery contract jumped by 2.4%, ending at 4.4 p/kWh.
Gas prices also went up on Friday, with NBP spot climbing by 1% to close at 4.7 p/kWh due to increased demand from colder weather. Additionally, worries regarding LNG supply further boosted prices.
At time of writing, European gas storage levels are 49% full, with the UK 26% full. European gas storage levels are trending just below the 5-year average throughout 2024. Over the past week gas has accounted for 35% of the UK generation mix with wind accounting for 33%, solar 2% 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 experienced a minor decline on Thursday, driven by worries about global trade disputes, particularly the intensifying trade tensions between the U.S. and China, which may hinder global GDP growth and decrease oil demand.
European carbon prices continued to rise on Thursday, following upward movements in gas and power markets. The EUAs expiring in Dec-2025 increased by 1%, closing at 81.93 EUR/tonne.
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.