Snapshot - 01 May 2026
European wholesale energy markets moved lower on Thursday as the geopolitical risk premium eased modestly. NBP day-ahead gas settled at 112.40 p/therm with the front-month near 113 p/therm, both down around 2 to 3 per cent. Continental hubs followed a similar path, with TTF and THE day-ahead both settling in the €45 to €46 per MWh range. The UK Win-26 gas contract closed at 115.30 p/therm.
Power tracked gas lower across the curve, but UK day-ahead baseload for Friday delivery jumped to £101.53 per MWh from £53.39 the previous session, driven by a forecast drop in wind output, a major nuclear outage starting at Torness, and rising gas-for-power demand into the bank holiday weekend. Curve seasons eased, with UK Win-26 baseload at £97.34 per MWh and Cal-27 at £81.60 per MWh.
The wider commodity complex saw exceptional volatility. Brent crude touched a four-year high above $126 per barrel intraday before closing at $114.01, down over 3 per cent, on shifting Iran headlines. EUA carbon firmed marginally to €73.79 per tonne while coal eased slightly. With multiple UK nuclear units coming offline through May and the Norwegian maintenance schedule building, the supply-side backdrop is becoming more supportive heading into next week.
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