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Utility SwopShop Weekly Market Insights Week Ending 9thd October
Gas
UK gas prices advanced on Wednesday amid unplanned Norwegian and domestic supply outages, escalating Middle Eastern tensions and concerns over LNG shipments. Colder European weather forecasts added to bullish sentiment ahead of the winter heating season. As a result, the NBP spot price gained 3% to 186 p/therm, while the Summer 2027 contract advanced by 2% to 145.63 p/therm.
Power
UK power prices diverged on Wednesday, as recovering wind generation improved system margins and reduced reliance on expensive gas-fired generation. Thus, the day-ahead price dropped by 15% to 135 GBP/MWh. In contrast, forward prices strengthened, tracking higher natural gas prices and a sharp increase in UK carbon allowances to an 11-week high, raising thermal generation costs. The Summer 2027 contract increased by 3%, settling at 115 GBP/MWh.
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