Crude oil prices recovered a touch on Friday, however, Brent was down $4.69 a barrel week-on-week

Gas Market

After significant declines earlier in the week, NBP futures edged sideways on Friday leaving the near curve mixed at the end of the day.  There was a late surge in prompt prices after fears that Storm Amy could hamper turbine operations and boost gas demand. The Spot added 3.20p per therm on the day while the price for Monday increased by 2.35p.  Also adding support to the prompt were reports that the compressor issues at Troll were not resolved which would curtail deliveries from the Norwegian gas field. The front month settled 0.32p higher as late support arrived from the prompt and this brought the loss for the week to 1.82p.  The Summer-26 contract fell by 3.48p over the week after easing by 0.27p on Friday to settle at 76.26p.

Power Market

With gas futures prices moving sideways on Friday GB power took its lead from a surge in carbon on the day. The November contract for baseload was marked £0.92/MWh higher as gains to prompt prices also boosted the front month. Further out the curve, increases on the day were more modest with average gains for contract out to next summer at £0.45/MWh. Lower forecasts for wind for next week propped up the Day ahead product. A bullish day for the carbon markets saw European allowances climb to seven-month highs while UKAs continued to firm gaining 2.2% or £1.28 per tonne on average. EUA contracts rose by €2.12 per tonne or 2.6%, the Dec-25 contract closing at €79.42.

Oil Market

Crude oil prices recovered on Friday but were still down for the week.  Brent for December delivery added 42 cents to settle at $64.53 a barrel. Despite this modest gain, the global benchmark fell $4.69 a barrel over the week mainly down to expectations of another production hike by OPEC+ in November. It is believed eight members of the group are looking to add more supplies while Saudi Arabia has been pushing for the increases to regain market share. Talks for a ceasefire in the Middle East could pressure crude oil prices further as Donald Trump reminds Hamas of the deadline to accept his deal.

Markets this morning

The compressor issue at the Troll plant has been extended into Friday according to the latest update from Gassco the Norwegian gas operator. Prompt prices have yet to react while on the near curve, contracts opened firmer however, latest trades have moved into negative territory. November last exchanged at 79.66p per therm having traded to a high of 80.89p earlier. The Summer-26 contract is marginally lower at 76.25p and contracts past this have yet to get going.  In the crude oil markets, Brent is oscillating between losses and gains, and the latest trade is 14 cents down at $65.21 a barrel on expected increase in output from OPEC+. Find out more about our Commercial Energy Services “Read more carbon market news in our Insights section.” “Learn how Kore Energy can help you to develop a sustainable energy management system