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Utility SwopShop Weekly Market Insights Week Ending 06th June
Gas
UK near-term gas prices rose on Thursday, buoyed by lower Norwegian flows resulting from maintenance at Kollsnes and Troll, alongside forecasts of decreased wind generation output. The NBP spot price gained 2%, closing at 86 p/therm. Further out on the forward curve, the Winter 2025 delivery contract also increased by 2%, settling just below 96 p/therm. This was supported by ongoing geopolitical tensions—particularly market concerns over Russia’s potential response to Ukrainian attacks on military targets—and gas storage levels that remain significantly lower than last year.
Power
The UK spot electricity price dropped by 5% on Thursday, closing slightly under 71 GBP/MWh. This decline was largely due to increased wind generation and lower demand amid warmer conditions. Conversely, forward power prices in the UK climbed higher, supported by a stronger overall energy market. As a result, the Winter 2025 contract increased by 1%, reaching approximately 86 GBP/MWh.
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