Gas and Power
Prices fell sharply on Thursday, driven by Russia-Ukraine ceasefire talks, removing a key risk premium as the market eyes the return of potential Russian supply. A switch in the weather forecast also saw warmer-than-normal temperatures now expected for late February which will help to limit gas withdrawals. Rumours about a change in policy for European gas summer restocking also encouraged the sell-off with the EU considering a relaxation of the minimum storage levels.
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NBP (p/therm) |
UK Base (£/MWh) |
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Close |
Day on Day |
Close |
Day on Day |
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Mar-25 |
124.30 |
-10.52 |
102.78 |
-6.97 |
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Apr-25 |
123.97 |
-10.35 |
100.25 |
-7.38 |
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May-25 |
123.18 |
-10.45 |
94.30 |
-6.50 |
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Q2-25 |
123.35 |
-10.53 |
95.63 |
-7.88 |
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Q3-25 |
122.24 |
-10.72 |
95.75 |
-6.65 |
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Q4-25 |
124.64 |
-9.18 |
104.75 |
-3.00 |
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Sum-25 |
122.79 |
-10.63 |
95.38 |
-6.78 |
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Win-25 |
124.26 |
-8.50 |
103.50 |
-4.88 |
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Sum-26 |
94.47 |
-9.35 |
74.25 |
-6.63 |
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