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Utility SwopShop Weekly Market Insights Week Ending 31st October
Gas
British day-ahead gas prices fell on Thursday due to stronger Norwegian flows and milder weather. As a result, NBP spot decreased by 6%, closing at 73.50 p/therm. Further along the curve, the gas price for Q1-2026 contract dropped by 1.9%, settling at 82.29 p/therm, as abundant LNG supply, running near seasonal record levels, keeps the market well balanced.
Power
The UK spot electricity fell sharply by 35%, closing at 50.49 GBP/MWh on Thursday as rising wind generation and slightly lower-than-normal demand reduced the need for more expensive gas generation. Further along the curve, the Q1-2026 electricity price edged 1% lower, ending at 83.68 GBP/MWh, tracking bearish gas markets.
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