Gas Market
The NBP near curve edged up on Wednesday after comments made by the White House press secretary late on Tuesday dampened expectations that Friday’s meeting between Trump and Putin will result in meaningful progress towards peace in Ukraine. The front month contract traded in a tight range to close at 80.54p per therm, a gain of 1.06p on its previous settlement. Ongoing weak wind generation levels continue to elevate the prompt market, with Day ahead ending the session at a 1.85p premium to Tuesday’s close. Meanwhile, Norwegian pipeline flows into the U.K. had recovered somewhat, with the GB system oversupplied throughout the day. However, an extension to the outage at the Ormen Lange facility ensured potential losses were curbed, with the Within day contract increasing by 1.30p day-on-day to settle at 79.90p per therm.
Power Market
GB baseload power prices retraced a portion of the previous days’ losses on Wednesday, with modest gains across the NBP curve providing the upside. The front month contract traded largely flat, closing at a £0.03/MWh premium to its previous close, while the Winter 25 contract edged up by £0.70/MWh to close at £83.40/MWh. Ongoing low wind generation levels continue to support the prompt, with Day ahead closing at £91.20/MWh having increased by 3.3% day-on-day.
European carbon markets clawed back a portion of Tuesday’s losses yesterday, with European Allowances for Dec-25 increasing by €0.38 day-on-day to close at €71.81 a tonne.
Oil Market
Crude oil prices continued to trade sideways on Wednesday as markets await the outcome of Friday’s meeting between Trump and Putin. Likewise, prices were unperturbed by U.S. Treasury Secretary Scott Bessent’s statement that sanctions against Russia or secondary tariffs could go up if the meeting between the two presidents does not yield any positive outcome. The International Energy Agency (IEA) announced that they have raised their forecast for oil supply growth for the rest of the year, but reduced their demand forecast, which pulled prices slightly lower on the day. The front month Brent contract declined by 49 cents to close out the session at $65.63 a barrel, while the WTI contract for September delivery settled 52 cents lower day-on-day at $62.65 a barrel.
Markets This Morning
The NBP curve is back in negative territory this morning in response to Trump’s statement late on Wednesday that Friday’s meeting could be swiftly followed by a second that would include the leader of Ukraine. Although uncertainty over Friday’s outcome persists, the front month contract last went through at 79.42p per therm, down 1.12p on last nights close. A slight relaxation in gas for power demand coupled with a well supplied system will hamper upside on the prompt and spot markets. Oil prices have edged up marginally this morning, with the front month Brent contract last going through at $65.83 a barrel, a gain of 20 cents on Wednesday’s close.
14 August 2025
