UK gas and power markets show little movement week-on-week. Front season gas has traded within a narrow range between 74p/th and 77p/th, and front season power saw even less movement, spending the week between £71/MWh and £72/MWh.
The EU storage situation remains unchanged, with fullness levels having now spent a month flatlining at 82%. Beneath that static data point sit two competing factors: last week saw gas demand over 10% above seasonal expectations across Europe, but LNG sendout for the continent is also now already at levels seen during the first half of this year. Europe is on course to enter the heating season at the lowest fullness level since 2015 and has now seen the earliest week of net withdrawals since 2020.
Wind generation, which dropped well below seasonal normal towards the end of w/c 13th October, is expected to be consistently above 10,000MWh/h according to latest forecasts, peaking over the weekend of 25th & 26th. The latest 46-day forecast shows temperatures well above seasonal normal as the UK enters November, remaining slightly above the 10-year average until just before 1st December.
Geopolitics continued to offer plenty of headlines but little certainty. Following an unscheduled called with Russian President Vladimir Putin, US President Donald Trump walked back his previous suggestion that the US would provide Ukraine with Tomahawk missiles. Face-to-face talks were expected to follow in Budapest, but this suggestion too was shelved, with a White House official stating there were “no plans” for a Trump-Putin meeting. Attacks on energy infrastructure remain a key feature of the war in Ukraine, with Ukraine requiring winter gas imports to avoid stocks dropping so low that withdrawal capacity is constrained.
Flagship Energy’s Mike Stafford Energy Markets Update – 22nd October 2025 appeared first on Energy Live News.