On Friday, NBP gas prices softened, driven by bearish oil futures and high storage levels across Europe and the UK. The market experienced small, incremental losses of no more than 1p/therm (0.03p/kWh) across most contracts, as trading continued within a narrow range.
What does this mean?
According to ICE data, the Brent Crude benchmark contract dropped by around 1.9% compared to its previous close. Market participants responded to disappointing economic data from China, a key indicator of long-term energy demand, which caused the drop. The fall in oil prices has placed additional pressure on gas markets.
Gas storage levels remain a critical factor. Both the EU and UK currently maintain high gas reserves, helping to ease supply concerns ahead of the winter season. Data from Gas Infrastructure Europe reports that EU storage levels are at 95.18%. While slightly below last year’s figure of 98.02%, it is comfortably above the 5-year average for this date and positions the EU well ahead of its 90% target for November 1st.
Summary
This Monday, the market has increased slightly. The Summer 2025 front-season contract is currently being offered at approximately 0.75p/therm (0.026p/kWh) higher than its previous settlement. This upward movement reflects ongoing market adjustments such as the high storage levels and bearish oil futures.
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