Snapshot - 24 November 2025
European gas and power softened into the weekend on a milder outlook, firm Norwegian supply and heavy LNG arrivals. EU storage is just above 80 per cent, around 9 points below last year yet still adequate for late November. Carbon slipped as windier weather cut thermal burn. UK front-month power eased to the low-£80s/MWh, while clean sparks along the far curve ticked higher as power outperformed gas.
Prompt and near-curve gas drifted lower as temperature forecasts turned milder and wind output improved. NBP and TTF front contracts traded around 80 p/th and just below €30/MWh at points, with steady Norwegian nominations, comfortable linepack and a busy Atlantic slate anchoring the balance. Several US-origin cargoes are scheduled into UK and continental terminals into early December, and interconnectors flipped to export at times when domestic demand softened.
UK power tracked gas lower at the front but with smaller declines. Day-ahead baseload stayed within the recent £70s to low-£80s/MWh band as higher wind and steady imports compressed peaks. Strong French nuclear availability continues to support high exports to neighbours and offers the UK additional cover during wind lulls. Far-dated power was firmer relative to gas, lifting clean sparks, with the wide EUA–UKA spread still supportive for UK generation economics versus the Continent.
Crude traded in a narrow range, with time spreads muted and product cracks mixed, as cautious producer policy met comfortable inventories and sanction-driven rerouting. Coal calendars hovered just above $100/t and gave little direction. Carbon eased within November’s €79–€82 corridor while UKAs were broadly stable, trimming marginal generation costs and containing the power curve even as gas weakened. Other signals included European benchmark gas briefly dipping below €30/MWh, French power exports at multi-decade highs, a renewed rally in Atlantic LNG freight, corporate moves toward regulated grids in Brazil and UK business groups warning that further tax rises could weigh on medium-term energy demand.
This Snapshot offers a concise view of market trends. For comprehensive daily reports, strategic analysis and tailored advisory support, Lumley Consulting provides independent insight across gas, power and wider energy markets. Learn more about our premium subscriptions and consultancy services here.