NBP curve contracts clawed back some of Friday’s losses yesterday, with ongoing concerns surrounding Donald Trump’s recent threats to impose further sanctions on Russia and its energy buyers providing the upside

05 August 2025

Gas Market

NBP curve contracts clawed back some of Friday’s losses yesterday, with ongoing concerns surrounding Donald Trump’s recent threats to impose further sanctions on Russia and its energy buyers providing the upside. The front month contract edged up by 0.71p day-on-day to end the session at 84.59p per therm. Progress in terms storage levels has reduced the end of season demand outlook, although the commencement of further Norwegian maintenance outages in August and September will mitigate the downside potential. European storage levels currently sit at 69.68%, down 16.0% year-on-year. High wind levels and mild temperatures weighed on the prompt market, although demand from storage injections ensured losses were limited. The Day ahead contract fell by 0.15p day-on-day to settle at 80.10p per therm.

Power Market

GB baseload future contracts retraced a portion of Friday’s losses on Monday, following the trend set by the NBP gas curve. The new front month contract, September 25, increased by just £0.25/MWh to close at £79.50/MWh, while Winter 25 posted a gain of £1.05/MWh to settle at £85.95/MWh. Meanwhile on the prompt, unseasonably high wind generation levels and mild temperatures weighed on contracts, with the Day ahead contract closing at £22.75/MWh, down 69.9% day-on-day. European carbon markets experienced modest losses on Monday, with the EUA December 25 contract finishing at €70.78 a tonne, down just €0.22 day-on-day.

Oil Market

Crude oil prices extended Friday’s losses on Monday as markets assessed the decision taken by OPEC+ to raise oil production levels from next month. The Organization of the Petroleum Exporting Countries and its allies, know as OPEC+, agreed on Sunday to raise its oil production levels by 547,000 barrels per day in September. Coupled with renewed concerns around future demand levels due to economic uncertainty, the production increases mitigate the upward pressure from Donald Trump’s recent threats to impose 100% secondary tariffs on Russian crude buyers. After shedding $2.86 on Friday, the front month Brent contract fell by a further 91 cents on Monday to close the session at $68.76 a barrel.

Markets This Morning

An unchanged and comfortable supply and demand outlook has resulted in early losses on the NBP curve, while further economic uncertainty following Trump’s threats yesterday to impose higher import tariffs on India has added to the downside. The front month NBP contract last went through at 83.36p per therm, a loss of 1.23p on Monday’s close. Crude oil prices are little changed so far today, as the market continues to weigh up the impact of the OPEC+ decision to increase production from next month as well as the increasingly uncertain outlook for demand due to Donald Trump’s import tariffs. The front month Brent contract last went through at $68.14 a barrel, down 62 cents day-on-day.