Energy Market Update - 10 November 2025
Gas and power eased as milder weather and strong supply unwound last week’s premium. A cooler, wind-lighter spell next week keeps near-term volatility in view.
Front contracts opened softer. TTF front month was near €31/MWh and NBP December about 81p/therm. EU storage sits a little above 82 per cent with injections slowing. Norwegian nominations are close to the low 330s mcm per day. The UK system opened long on higher Langeled and steady UKCS output, with firm LNG send-out. Atlantic cargo availability remains strong, helped by near-record US feedgas. JKM holds in the low 11 dollars per MMBtu, keeping European cargo pricing anchored to hubs.
Day-ahead UK baseload cleared in the low £80s/MWh as wind recovered from the weekend. Curve moves were modest. December baseload held near the low £80s/MWh and Q1 around the mid £80s/MWh, tracking gas. Interconnector imports from France and the Netherlands added margin cover. Nuclear availability remains constrained by planned works, with improvements signalled later this month. Forecasts show wind choppy this week then easing into the cooler spell, keeping prompt prices reactive.
Brent traded around 63 to 64 dollars per barrel. Coal ARA Cal-26 hovered near £104 per tonne. EUAs consolidated close to €79 per tonne and UKAs in the mid £50s per tonne, maintaining elevated thermal costs without forcing the curve higher. Global LNG markers were broadly aligned with European hubs.