On Friday, gas prices at the National Balancing Point (NBP) rose due to reduced wind power output. Additionally, a generally bullish trend in energy markets contributed to the price increase. Key contracts, such as those for November 2024 and Summer 2025, reached price levels last seen in mid-August. This strong momentum in gas prices over the past week led to an approximate 9.1% increase in the November contract and a 12.4% gain for Summer 2025.
What does this mean?
A steep decline in wind power was recorded at a 68.5% drop compared to Thursday’s output. This pushed demand for gas-fired power (CCGT) up by 69.1%, highlighting the close relationship between renewable output and gas demand.
Israel struck Iranian military targets over the weekend in response to Iran’s October 1 missile barrage. So far, these events have not impacted energy infrastructure, as anticipated earlier by Israeli sources.
Summary
This Monday morning saw gas prices ease, with the Summer 2025 contract down 3p/therm (0.1p/kWh) from the previous settlement. Reduced wind power generation and concerns about the Israel-Palestine war drove the recent gains in gas prices.
Click here to get your free, instant energy quote
↓
For more information on gas and energy for businesses, check out these websites:
