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Utility SwopShop Weekly Market Insights Week Ending 06th November
Gas
UK gas contracts extended their decline on Wednesday, weighed down by growing optimism over potential US-Iran peace negotiations and market adjustments after the US midterm elections. However, low European gas storage levels, colder weather forecasts, ongoing Norwegian supply disruptions and strong Asian LNG demand helped limit further losses. As a result, the NBP spot price fell by 5.36% to 212 p/therm, while the Summer 2027 contract declined by 4.66% to 154.33 p/therm.
Power
The UK spot electricity price rose by 8.6% to 221.16 GBP/MWh on Thursday, driven by concerns that colder weather in the second half of winter could further tighten energy supplies, against a backdrop of already depleted European gas storage levels.
On the forward curve, the Summer 2027 power contract advanced by 2.6% to 124.31 GBP/MWh, following the upward trend in gas prices.
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