Snapshot - 27 October 2025
European gas benchmarks softened as mild weather and steady LNG flows kept balances comfortable. UK NBP day-ahead traded around the high-70s p/th, with TTF near €30/MWh. Norwegian exports recovered above 310 mcm/d, easing recent tightness, while LNG send-out stayed firm after weekend delays. EU storage sits near 82 per cent, providing a solid buffer into November.
Power followed the softer gas tone, with UK baseload front-month near £70–80/MWh. Spot prices were volatile as shifting wind conditions and reduced import capacity via the IFA2 link tightened margins at times. Carbon eased week-on-week, removing some support from the curve, while nuclear availability in France improved, reducing cross-border tension.
Brent crude held steady in the mid-$60s/bbl after last week’s brief rally. Carbon drifted lower, with EUAs in the high-€70s/t and UKAs around the mid-£50s/t. Broader commodity sentiment remained cautious amid evidence of rising global oil inventories and subdued industrial demand.
The UK Government confirmed £900 million for conventional offshore wind under AR7, part of a £1.1 billion renewables package. EU leaders delayed decisions on frozen Russian assets. Crude at sea hit record highs, pointing to growing surplus, while Mozambique LNG’s restart costs rose, pushing first cargoes towards 2029.
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