Energy Markets Weekly: Stable Norwegian flows and strong UK wind keep prices subdued

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.