Snapshot - 31 October 2025
European gas eased into month-end as the November contract rolled off and December took the prompt. Mild weather and firm LNG schedules weighed on sentiment, while storage just below 83 per cent keeps the system well cushioned. Power followed gas lower but losses were limited by weak wind expectations into mid-November. The Trump–Xi meeting offered a modest lift to sentiment, though markets await policy clarity before repricing risk.
Prompt and near-curve gas softened as mild temperatures, steady UKCS output and healthy Norwegian flows held balances comfortable. EU storage remains near 83 per cent and LNG arrivals continue across North-West Europe and the UK. With supply steady and early-November warmth set to persist, prices are likely to stay range-bound unless colder weather or disruption emerges.
UK power slipped in line with gas but was supported by below-normal wind and steady carbon. Day-ahead volatility reflected renewable swings, while the curve stayed anchored to gas fundamentals. Carbon firmed slightly, narrowing the UK–EU spread, and French nuclear availability helped moderate prompt moves.
Brent edged up to the mid-$60s/bbl on OPEC+ restraint, while coal held near $100–110/t and carbon remained firm. The week brought easing trade signals, approval for Hinkley Point B’s decommissioning, and fresh US nuclear investment, alongside steady LNG arrivals maintaining regional balance.
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