Gas Market
After opening in positive territory, the NBP curve edged down on Friday, with the near months ending the session down 2.2% day-on-day. The front month contract spent some time at sub-80.00p, before closing at 80.14p per therm, down 1.95p day-on-day and 6.0% down week-on-week. A rise in flows into the U.K. via the Langeled pipeline, after the resolution of the Nyhamna and Kollsnes outages, kept the G.B. system well supplied and the Spot market soft. The Within day contract posted a discount of 3.00p by the close, to settle at 80.30p per therm. High wind levels forecast from the start of this week, coupled with seasonal normal temperatures weighed on the Day ahead contract, which fell by 3.35p to settle at 79.50p per therm.
Power Market
Losses across the NBP gas market on Friday applied downward pressure on the GB Baseload curve. The front month contract fell by £1.15/MWh day-on-day to close the session at £72.60/MWh, while losses across the near months averaged £1.46/MWh. Strong winds and average temperatures forecast for this week kept the prompt flat, with the Day ahead contract falling by just £0.01/MWh day-on-day to close the week at £88.98/MWh.
Some late selling activity weighed on European carbon prices on Friday, with Dec-25 Allowances falling by €0.31 to close at €70.24 a tonne. UK Allowances displayed greater losses, with the Dec-25 contract posting a £1.68 loss to end the session at £49.33 a tonne.
Oil Market
Crude oil price were little changed by the close on Friday after initially ticking up on news of increased European Union sanctions against Russia. Four days of drone attacks on oil fields in Iraqi Kurdistan that shut down half of the regions oil output also provided support. Despite the strong fundamentals, oil markets still couldn’t shake the worries of potential demand declines amid uncertainty in U.S. tariff policy. The front month Brent contract shed 24 cents to close the session at $69.28 a barrel, down just over one dollar week-on-week. The West Texas Intermediate (WTI) front month contract showed similar movements, shedding 20 cents day-on-day to settle at $67.34 a barrel.
Markets This Morning
The NBP near months are trading in positive territory this morning, with the front month contract last going through at 81.30p per therm, a 1.16p premium to Friday’s close. Further out movement is more muted, with Winter 25 down by a negligible 0.03p at the last trade. The GB system is showing a deficit of over 20 mcm/day, which is supporting the Within day contract, although Spot activity is so far quiet. Crude oil markets are once again steady, as expectations that the latest European sanctions will have minimal impact on Russian oil supplies. The front month Brent contract last transacted at $68.89 a barrel, down 39 cents day-on-day.
21 July 2025
