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Utility SwopShop Weekly Market Insights Week Ending 16th January
Gas
The British day-ahead gas price rose sharply on Thursday, as colder and longer winter forecasts increased heating demand and prompted investors to buy back short positions. Additionally, flat Norwegian flows and slightly lower domestic production kept the gas system tight. As a result, NBP spot contract surged by 5.6%, settling at 90.25 p/therm. Further along the curve, the Sum-2026 delivery contract advanced by 4%, closing at 68.18 p/therm, supported by falling storage levels and heightened energy market risk due to geopolitical tensions.
Power
Rising electricity demand, weaker wind production, and ample gas-fired generation, with CCGTs supplying a large share of the mix, pushed the British day-ahead power price higher to 99.50 GBP/MWh on Thursday. Forward power prices also gained, following stronger gas and carbon prices. The Sum-2026 electricity contract rose by 2.5%, settling at 73.22 GBP/M
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