Gas and Power
Energy prices declined on Friday, closing the week at a new low. Gas flows from Norway bounced back after the unexpected outages that had impacted supply during the week were resolved. The week saw strong LNG flows – notably from the US – with global supply close -month high as the Corpus Christi terminal approached new record export volumes. Fears for an extended European heatwave receded as temperature forecasts were downgraded. download
Adjacent markets
Oil prices found support towards the end of the week as the EU agreed on its 18th sanction package against Russia. The US dollar index climbed to a near-one-month high on the back of robust economic data, while the British pound gained support amid stronger-than-expected inflation figures. Gold price movements were mixed, with market sentiment lifted by signs of progress on trade negotiations.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Aug-25 | 80.03 | -2.15 | 72.55 | -1.23 |
| Sep-25 | 83.31 | -2.02 | 78.75 | -1.80 |
| Oct-25 | 84.56 | -1.99 | 75.55 | -1.98 |
| Q4-25 | 89.87 | -1.67 | 82.86 | -1.54 |
| Q1-26 | 93.61 | -1.40 | 85.81 | -1.57 |
| Q2-26 | 83.21 | -1.40 | 73.73 | -1.53 |
| Win-25 | 91.73 | -1.54 | 84.33 | -1.48 |
| Sum-26 | 82.51 | -1.36 | 72.27 | -1.52 |
| Win-26 | 89.42 | -1.21 | 81.10 | -1.34 |
| Sum-27 | 74.00 | -1.10 | 67.66 | -0.94 |
| Win-27 | 81.31 | -0.76 | 76.96 | -0.55 |