Energy Market Update - 09 December 2025
Gas and power eased after an early spike as mild weather, healthy supply and firmer wind capped demand. Carbon held firm. Oil slipped.
Near curve prices faded into the close. NBP day ahead settled around 66.8 p/th, while TTF spot printed near 26.4 €/MWh. Front January marked about 70.5 p/th on NBP and 26.9 €/MWh on TTF. The intraday jump looked technical before fundamentals reasserted. Continental LNG nominations picked up, with higher send-out at Fos and Montoir, while UK nominations dipped to the mid 30s mcm. Norwegian flows were steady overall, with aggregate exits trending in the low to mid 300s mcm per day. EU storage stood near 72.5 per cent as withdrawals continued at a controlled pace. Six LNG cargoes are slated for UK terminals over the coming weeks, adding comfort alongside firm interconnector flexibility.
UK day ahead baseload cleared close to £69/MWh. Forward prices were little changed, with January around £79/MWh and Q1 near £76/MWh. Wind output recovered versus the prior session late in the day, softening prompt tightness. Interconnectors from France and the Netherlands continued to provide margin cover, while nuclear availability was broadly stable. Forecast wind remains choppy through mid month, pointing to ongoing intraday volatility and short swings in CCGT burn.
Brent traded near 62.5 $/bbl after a sharp fall, with ample supply and subdued demand setting the tone. Coal API2 Cal-26 held around 99 $/t. EUAs were steady just under 82 €/t, while UKAs eased to about £56/t, keeping thermal costs elevated without driving the curve. LNG markers were mixed, with JKM a little above 10.8 $/MMBtu and Henry Hub near 5.2 $/MMBtu.