UK and continental curves remain rangebound despite sizeable day-ahead softness. Near-term bearish drivers - milder temperatures, stronger wind output and reduced Norwegian maintenance - offset lingering structural tightness from below-average UK storage and interconnector constraints. LNG arrivals into NWE are healthy,

UK and continental curves remain broadly rangebound. Near-term moves are being set by Norwegian maintenance (Oseberg extensions/short returns and redirection of Langeled toward the continent), brisk LNG send-out into NW Europe with steady UK nominations, and highly variable UK wind.

Markets settled into a softer rhythm this week as oil extended its decline, LNG send-out strengthened, and wind output stabilised after early-month volatility. Gas and power curves eased slightly, while prompt values stayed responsive to temperature shifts and short-lived Norwegian maintenance. The macro backdrop — with the IEA projecting record oil oversupply in 2026 and China’s LNG demand stagnating — continues to cap upside. Power remains more reactive day-to-day, but system fundamentals are sound heading into November.

Markets traded cautiously through mid-October as a short wind lull lifted UK Day-Ahead power to nearly £100/MWh before easing, while front-month gas held near 80p/therm. Steady Norwegian flows and strong LNG send-out kept fundamentals comfortable, though cooler weather lifted LDZ demand and tightened short-term margins.

Late September was dominated by strong renewable output, high storage, and mostly stable Norwegian supply - keeping the curve contained - punctuated by brief system tightness when unplanned Norwegian outages hit early in the week. UK Day-Ahead power rebounded from earlier lows as wind moderated at times, while gas stayed range-bound just under 80p/therm. Carbon firmed into the high-€70s, holding a floor under forward power despite comfortable fundamentals.

Late September was dominated by strong renewable output, high storage, and mostly stable Norwegian supply - keeping the curve contained - punctuated by brief system tightness when unplanned Norwegian outages hit early in the week. UK Day-Ahead power rebounded from earlier lows as wind moderated at times, while gas stayed range-bound just under 80p/therm. Carbon firmed into the high-€70s, holding a floor under forward power despite comfortable fundamentals.

UK and continental markets saw further softening this week as strong renewable generation and healthy storage injections kept balances comfortable. Gas traded in a tight range under 80p/therm, while UK Day-Ahead Baseload slipped below £30/MWh, its weakest levels of the year. Carbon and oil remained relatively stable, helping keep the forward curve anchored despite very weak spot fundamentals.

Markets shifted into a decisively softer posture across the week, with UK Day-Ahead power collapsing to its lowest levels of the year as wind output surged above expectations. Gas prices eased back under 80p/therm as Norwegian flows stabilised and LNG arrivals supported system length. Storage continues to build steadily, now above 80% in the UK and over 90% across continental Europe, leaving winter balances looking more comfortable. The curve remains underpinned by seasonal premia and carbon firmness, but prompt pricing reflects the current oversupply of renewable and imported gas.

UK and continental markets rebounded after an early September lull. A short-lived cold spell across Northwest Europe, tighter Norwegian flows, and muted LNG arrivals gave prompt contracts bullish support. On the power side, weak wind early in the week pushed gas plants to the margin, lifting Day-Ahead prices before improved renewable forecasts offered some relief. Storage remains comfortably high overall, though injections are slowing as seasonal maintenance curtails supply flexibility.

UK and continental markets spent the week swinging between bearish storage comfort and bullish supply curtailments. Norwegian flows collapsed to minimal levels before bouncing as maintenance rolled off, while French strike action introduced fresh uncertainty into power fundamentals. Storage sits around three-quarters full, cushioning near-term shocks, but volatility remains acute.

UK and continental curves remain broadly rangebound. Near-term support comes from tighter Norwegian flows and modest UK LNG send-out, while improving wind and soft demand cap the upside. With European storage roughly three-quarters full and injections steady, attention stays on August–September North Sea works and short-run weather.

UK and Continental markets are trading a familiar pattern: prompt gas is steady in the mid-70s p/th as lower wind lifted gas-for-power, while the back of the curve remains range-bound despite firmer carbon. Norwegian supply is broadly healthy but peppered by unplanned cuts and a chunky late-Aug/Sept maintenance slate that is keeping a modest early-winter risk premium.

The headline curves still look calm, but under the surface the market is trading the weather and the maintenance diary. With Norwegian works approaching and French heat lingering, prompts can spike even as the back end stays disciplined. Use the volatility to your advantage: buy the dips for near-term cover and layer Winter-25 with patience.

Natural gas and power markets are trading within tight bands as bearish weather fundamentals and softening demand offset recent geopolitical uncertainty. NBP front-month gas edged higher, but Day-Ahead prices remain under pressure as wind generation returns and gas-for-power demand eases.

UK and continental energy markets have traded with modest firmness heading into July, with NBP front-month gas stabilising around 78p/therm. Power prices have rebounded from sub-£40 levels seen late June, lifted by gas-for-power demand as wind output declined temporarily.

UK and continental energy markets have rebounded significantly this week, with front-month gas surging above 84p/therm. Power prices rose in tandem, with baseload contracts reversing earlier losses as gas-for-power demand increased, despite seasonally mild weather.

UK and European gas markets climbed further into bullish territory this week, as persistent Norwegian outages constrained supply and LNG inflows appeared insufficient to fully compensate. NBP front-month prices surged to 88.50p/therm, while UK baseload Day-Ahead power moved significantly higher to £76.71/MWh, bolstered by low wind forecasts early in the week and cooling demand risks across southern Europe.

UK and continental energy markets ended the week with moderate bearish retracements. NBP Day-Ahead fell to 85.80p/therm as Norwegian volumes returned following extensive planned maintenance at Kollsnes and Troll. UK baseload prices, however, edged higher on Friday as wind generation output dipped again and cooling demand remains uncertain amid continued below-normal temperatures.

UK and European energy markets surged at the start of May as geopolitical policies and tighter supply conditions overrode softer seasonal demand. Natural gas and power prices posted sharp gains, buoyed by unplanned Norwegian outages, colder-than-average temperatures, and the European Commission’s draft legislation to ban Russian gas imports by end-2025. The gas prompt hit 83.5p/therm while UK baseload surged over 60% week-on-week, closing at £83.71/MWh.

After a bearish start to the week driven by above-average temperatures and solid supply fundamentals, UK and European gas and power markets have retraced some losses as geopolitical developments — particularly a US-Ukraine minerals agreement — add back premium to the forward curves.