Energy Markets Weekly: Norwegian Outages, Soft Weather, and Political Uncertainty Stir Volatility

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.