Energy Market Update - 24 December 2025
Prices edged up as lower wind and firm carbon met steady Norwegian flows. Storage remains a cushion. LNG arrivals are dense. Liquidity is thin into the holidays and ranges held.
Gas held firm in a narrow band. NBP Day-ahead printed 70.45 p per therm, with front contracts a touch higher on the day. Norwegian nominations were healthy near 347 mcm per day despite a small Åsgard curtailment. EU storage was last reported near 66.5 per cent. UK balance stayed comfortable as arrivals accelerated. An Angolan cargo berthed at Milford Haven and a US tanker followed, while North West Europe lists multiple US deliveries through 27 December. UK system data showed oversupply at points, reflecting strong UKCS, Norwegian and LNG inputs.
Baseload eased at the prompt then edged up on the curve. UK Day-ahead cleared at £71.20 per MWh as wind steadied at lower levels than last week. Forward baseload firmed with gas and carbon, with January and Q1 offers slightly higher in thin trade. Interconnectors provided margin cover and nuclear availability was broadly stable. Forecasts show GB wind near seasonal norms today, dipping from 27 December before recovering into early January.
Carbon remained a key support. EUA benchmarks pushed to multi-year highs, lifting thermal costs and underpinning power. Oil was steady, with Brent month-ahead near 62 dollars per barrel. Coal Cal-26 hovered around 95 dollars per tonne. Asian LNG markers nudged higher as incremental demand emerged, but Atlantic cargoes kept Europe close to parity with hubs.