Gas Market
NBP curve products traded within a narrow range once again on Wednesday with little change to underlying fundamentals. By the close, the front month contract had retraced much of the previous days’ gains, with October 25 posting a 0.84p loss to settle at 79.49p per therm. Winter 25 maintained its proximity to recent 18-month lows to close at 84.90p per therm, a day-on-day loss of 0.77p. The prompt market also edged down amid lower gas-for-power demand forecasts due to higher wind power levels from today. The Day ahead contract fell by 2.45p to close at 78.40p per therm. Despite a reduction in Norwegian flows into the UK, the GB system was well supplied due to higher supply levels from UKCS facilities. As a result, the Within day contract closed at 78.75p per therm, having shed 2.15p by the close.
Power Market
The GB Baseload curve largely followed the downward moves seen across the NBP on Wednesday, with the front month contract shedding £1.38/MWh to close at £75.15/MWh. The prompt market also made modest losses, with high wind generation levels weighing on prices. The Day ahead contract fell by £3.74/MWh day-on-day to close the session at £81.65/MWh.
EUA prices fell back marginally on Wednesday, following movements across European gas and power markets. Dec 25 EUAs shed €0.72 to close the day at €76.04 a tonne. Meanwhile, UK Allowances followed a similar trend, with the 2025 contract falling by £0.40 to end the session at £56.80 a tonne.
Oil Market
Crude oil prices built on the previous sessions’ gains on Wednesday, with the front month Brent contract closing at a 7-week high. An unexpected drop in U.S. weekly crude inventories stirred supply concerns amid export issues in Iraq and Venezuela. Oil markets also found support from the news that Ukraine’s military had struck two oil plumbing stations in Russia’s Volgograd region. As a result, a state of emergency was declared in the nearby seaport city of Novorossiisk which contains major oil export terminals, further exacerbating supply concerns. The front month Brent contract for November delivery shed $1.68 day-on-day to end the session at $69.31 a barrel. Meanwhile, the front month WTI contract posted a $1.58 loss to settle at $64.99 a barrel.
Markets This Morning
The NBP gas market has opened in positive territory this morning with the front month contract last going through at 80.78p per therm, up 1.29p on yesterday’s close. The prompt market is also up day-on-day on cooler weather forecasts, lower wind levels and a reduction in Norwegian flows towards the U.K. The Day ahead contract last transacted at 80.10p per therm, up 1.70p on last nights close. Crude oil prices have cooled off from yesterday’s 7-week highs on news of the return of Kurdish supplies as well as forecasts of slower winter demand. The front month Brent contract last traded at $68.78 a barrel, down 53 cents.
25 September 2025
