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Utility SwopShop Weekly Market Insights Week Ending 30th January
Gas
Despite softer US natural gas futures and a partial recovery at some LNG terminals, several facilities continue to operate below capacity, preserving upside risk amid tightening supply and stronger weather-driven demand. As a result, the NBP spot contract rose by 1.5% to 102 p/therm, while the Summer-2026 contract surged by more than 6% to 76.90 p/therm, with low storage levels remaining a key concern.
Power
UK power prices diverged on Thursday. The day-ahead price plunged by more than 9% to 96.50 GBP/MWh as strong renewable generation eased near-term supply pressures. Further out the curve, however, the Summer-2026 contract advanced over 3% to 76.65 GBP/MWh, drawing support from firm gas markets.
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