Prices correct higher amid concerns around European gas storage levels
The Winter 26 front-season contract corrected higher into its expiry on Wednesday afternoon, closing just south of 180p/therm, gaining circa 6p/therm (0.2p/kWh) when compared to its previous settlement.
As the market formally enters the winter supply season, European storage levels and global energy flows remain central concerns for participants.
The latest data from Gas Infrastructure Europe puts overall EU storage at 71.54%, just over 11% below the same date last year and nearly 23% behind 2024 levels.
Compounding these supply concerns, the German government has reportedly ordered state-owned SEFE to inject an additional 8 TWh into storage before 15th December, marking a sharp policy pivot after recently indicating it would not step in to support injections.
Baseload power contracts posted small gains on Wednesday despite a generation mix that offered little bullish support.
Wind output strengthened slightly, rising from 45.6% to 47.9% of the stack, while gas-fired generation was broadly stable, edging from 21.1% to 23.0%.
Renewables held above 60% at 61.1%. Interconnector imports roughly halved, leaving domestic plants to cover more demand.
The firmer tone instead reflected lingering supply risk, with US–Iran talks still deadlocked and European storage at 71%, well below the 87% five-year average.
That stretch of risk carries into the winter season, which officially begins today.
If you want to see more information on the wholesale market trends subscribe to our weekly report here.
Price commentary courtesy of Crown Gas and Power 