The NBP market oscillated near to Monday’s closing prices throughout Tuesday’s session with all curve contract’s settling sideways

Gas Market

Tuesday’s session was best described as choppy, with prices opening strongly before an afternoon sell-off pushed contracts into negative territory, leaving the market relatively flat at the close. Winter-25 started firmly, with the opening trade 0.81p above Monday’s settlement before climbing to 87.12p/th, a day-on-day gain of 1.94p/th. However, persistent strong fundamentals soon weighed on sentiment, as storage edged closer to the 80% mark and supply remained robust. Consequently, prices retreated in the afternoon, with the bellwether winter contract slipping to 84.60p/th before settling at 84.96p/th, down 0.22p/th on the day. The same pattern was evident across the curve, with NBP contracts finishing with only marginal gains or losses compared to Monday’s close.

Power Market

The GB baseload power market mirrored the fluctuations in NBP gas, with all curve contracts settling broadly flat day on day. The Winter-25 baseload contract slipped just £0.10/MWh, in line with the modest 0.22p/th decline in the corresponding gas product. On the prompt, the Day-ahead contract fell £3.75/MWh to close at £77.00/MWh, pressured by above-seasonal wind generation levels that are expected to persist into next week. Carbon prices remained decoupled from broader European energy markets, supported by compliance buying ahead of the 30 September surrender deadline. The spot contract settled at €73.20/tonne, unchanged from Monday.

Oil Market

The Brent front-month crude contract rose by nearly 1.5% on Tuesday, supported by fresh U.S. sanctions on Iran as Washington maintained pressure following stalled nuclear talks. Negotiations over Iran’s nuclear programme have not resumed since the 12-day conflict between Israel and Iran in June. The latest sanctions target Iran’s oil revenues as a lever to draw Tehran back to the table. Brent settled at $69.14/bbl, up 99 cents on the day, though gains were capped as market participants looked ahead to this weekend’s OPEC+ meeting. The group is expected to further unwind voluntary production cuts, a move that could boost global supply and offset some of the upward pressure from U.S. sanctions.

Markets This Morning

The market is continuing Tuesday’s trend, with prices opening slightly higher before recent trades saw all contracts moving below Tuesday’s close. Supply and demand remain well balanced, with the system tipping into an oversupplied range. The front-month contract has fallen 0.51p/th in the latest trade, while the winter contract is down 0.66p/th. Oil has reversed all of Tuesday’s gains in early trading, as market participants focus on the upcoming OPEC+ meeting, which could prompt further unwinding of the group’s voluntary production cuts.