Curve contracts record third consecutive day of price reductions

Curve contracts recorded a third consecutive session of losses at the NBP on Thursday but this morning, key gas and power contracts have opened a touch higher than yesterdays close.

Despite this weeks sustained price reductions, the markets bullish drivers are largely unchanged as participants continue to closely monitor conflicts in the Middle East and Eastern Europe, which have had a direct impact on global energy flows and security.

An unplanned outage at a major Norwegian field likely limited further reductions at the front-end on Thursday. According to data from offshore operator Gassco, production at the Troll field was cut by 39.4mcm across Thursday’s gas-day due to a compressor failure.

The outage has worsened gradually over the course of this week and offline capacity there has risen to 46.2mcm as of this morning. For context, total GB gas demand for Friday is forecasted at around 90mcm.

An exceptionally strong day for renewable generation helped to further reduce prices at the front-end of the baseload power curve on Thursday.

Data from Elexon shows that wind alone accounted for 52.9% of the GB power mix, with overall renewables comprising an exceptional 73.5% of generation, this is the highest level of renewables in the mix since May 2025 and very close to a record.

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Price commentary courtesy of Crown Gas and Power