Energy Market Update - 13 November 2025
Energy markets were steady. Front contracts hovered near recent lows, with mild weather and strong supply offset by a cooler turn next week. Liquidity was thin. Price action stayed within the prevailing range.
Gas traded sideways to soft. TTF front month was near €30.6/MWh in early trade. NBP December held close to 81p per therm. Spot eased as comfortable balances persisted. European storage sat a touch above eighty per cent, with injections slowing seasonally. Norwegian exports remained healthy after recent records, despite minor processing issues, and UKCS output was firm. UK system data showed solid Langeled nominations and steady LNG sendout, with several additional cargoes scheduled before month end. Interconnector flows shifted day to day, with higher exports to Belgium when the UK discount opened.
Power followed the fuel complex. UK Day-Ahead baseload cleared in the mid £60s per MWh, reflecting adequate margin and a late rebound in wind. The front month baseload sat around £81 per MWh, with the winter strip stable. Forecasts show wind rising into the weekend then settling near seasonal norms next week. A cooler spell from Tuesday is set to lift LDZ demand, though nuclear availability and imports should limit sharp upside.
Other commodities were mixed. Brent eased to about $62.7 per barrel as supply concerns outweighed confidence from the end of the US government shutdown. API2 coal Cal 2026 was near $101.5 per tonne. Carbon firmed, with EUAs around €81.9 per tonne and UKAs near £57.6 per tonne. LNG benchmarks were steady to a touch higher, with JKM close to the low eleven dollars per MMBtu and European cargo values tracking hubs. Sterling was little changed against the euro and dollar.
Temperature guidance is key near term. A brief cold snap and choppy wind could lift the prompt, but strong NCS flows, active LNG and healthy inventories continue to anchor the curve.