Snapshot - 01 June 2026
Energy markets reversed higher this morning after a softer close last week. Gas and power had settled lower on Friday as milder weather eased demand and Middle East risk receded, but a weekend exchange of strikes between the US and Iran, alongside strikes on Beirut, brought risk premium back into the complex. Prompt gas rose around 6 per cent on the open, with UK day-ahead gas indicated near 118 p/therm and TTF day-ahead climbing from around €45 to €48 per MWh.
UK power followed gas higher, with the front month adding roughly 4 per cent and the day-ahead indicated near 111 £/MWh. Prompt power had already been firm on Friday on weak wind and a tight supply stack, with a large amount of nuclear capacity offline; wind is now forecast to pick up to slightly above seasonal through the week. Carbon stayed firm and supportive, the EUA holding a four-month high around €80.6 per tonne and the UK allowance at £58.67 per tonne.
Crude also turned higher on the open, with Brent above $92 per barrel after a weekly fall of close to 11 per cent on earlier de-escalation hopes. Coal eased and the wider LNG complex was steady, with Asian JKM holding a modest premium to north-west Europe. Storage continues to rebuild through injection season, though EU stocks remain below this time last year and UK levels are low.
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