Snapshot - 28 October 2025
European gas prices eased as mild Atlantic weather trimmed heating demand and kept power-sector gas burn moderate. Norwegian pipeline supply stayed comfortable near 317 mcm/day and US LNG feedgas held around 450 mcm/day, maintaining steady supply conditions. With European storage close to 83 per cent and injections slowing, traders continue to balance healthy stocks against early-winter risks.
UK power only partly followed the softer gas tone. Day-ahead baseload prices firmed at times as low wind lifted prompt demand, though forward power did not fully mirror NBP’s moves. Interconnector constraints and weak renewables kept intraday volatility high, while expectations of stronger wind into the weekend should ease near-term tightness. Carbon softened on profit-taking, with the EUA–UKA spread broadly stable near £13/t.
Brent crude edged up to around $63–64/bbl after recent lows, supported by OPEC+ restraint and a slight improvement in risk sentiment. Russian seaborne exports were steady, suggesting a well-supplied physical backdrop. Carbon markets eased from recent highs, with UKAs holding firmer than EUAs and offering limited support to UK power duration even as gas prices drifted lower.
The UK’s new £1.08 billion offshore wind allocation under AR7 drew mixed reactions, balancing progress with limited capacity gains toward 2030. Petrofac entered an administration process after offshore setbacks, while the 500 MW Tillbridge solar project won approval. Russian crude exports dipped on weather disruption, and the US ordered a review of offshore wind’s health and fishing impacts.
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