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Utility SwopShop Weekly Market Insights Week Ending 15th May
Gas
The NBP spot contract rose by 1% to 120.25 p/therm, supported by concerns over tightening market balances driven by falling global inventories, reduced Chinese stockpiling, and ongoing disruptions in the Strait of Hormuz ahead of peak summer demand. Meanwhile, the Winter 2026 delivery contract edged 0.2% lower at 116 p/therm, as regional fundamentals remained broadly steady despite relatively low storage levels.
Power
UK spot power price declined by 3.6% on Thursday, falling to 101.37 GBP/MWh, as stronger wind generation—up by around 1,200 MW—added downward pressure. On the forward curve, the UK Winter 2026 contract edged down 0.2% to 98.74 GBP/MWh, in line with softer gas prices.
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