Prices across the NBP remained elevated on Friday

Gas Market

The NBP remained elevated on Friday, although gains across the curve were less pronounced than those exhibited earlier in the week. Activity on the prompt was more volatile however, with Day ahead posting a day on day gain of 4.05p to settle at 82.80p per therm. An unplanned outage at Norway’s Kollsnes facility was a likely bullish driver, while increased demand for storage injections due to the current prompt-front month spread also added to the support. European storage sites are currently at 85% full, well on track to reach the target of 90% fullness by the November 1st deadline. September-24 closed the day at 98.65p per therm, a day on day gain of 0.54p, and up 13% from Monday’s close. Further out, Q1-25 increased by 1.08p to close at 114.00p per therm.  

Power Market

Movement was mixed across GB Baseload contracts on Friday, with the majority of curve contracts tracking the gains across the NBP market. Strong wind levels of more than 20% above seasonal norms pressured the Weekend contract down, with forecasts set to remain high into this week. Baseload for September-24 fell by a modest £0.05/MWh to settle at £81.70/MWh, while in contrast Q1-25 increased by £0.60/MWh to finish at £97.10/MWh. Geopolitical uncertainty continued to be the main focus of carbon prices on Friday, with EUAs initially tracking gains on the TTF before easing back before the close. The Dec-24 EUA closed at €70.15 a tonne, down €0.70 a tonne day on day.  

Oil Market

Crude oil markets edged higher on Friday with front month Brent producing a weekly gain of 3.7%, largely on fears of a widening Middle East conflict. Iran-aligned Houthis militants have continued attacks on international shipping routes near Yemen which served to further stoke concerns over oil supply from the region. Support was further boosted as fears of a recession in the U.S. waned on positive jobs data, as well as a larger than expected draw on U.S. crude stockpiles. Front month Brent ended the week at $79.66 a barrel, a gain of 50 cents day on day. The WTI front month also edged up, posting a day on day gain of 65 cents to settle at $76.84 a barrel.