Snapshot - 02 July 2026
Wednesday's session belonged to the bears. A surge in wind forecasts across Britain and the Continent, combined with further progress in US-Iran talks, pulled the whole complex lower, with day-ahead power settling in the mid £50s per megawatt hour, prompt gas back near 100 pence per therm and Brent at a four-month low.
The move reversed this morning. The start of annual maintenance at Norway's Oseberg field cut nominations and reduced flows into the UK, while signs of stiffening global competition for LNG cargoes added support further along the curve. Front-month gas recovered around 2 to 3 pence in early trade and power followed in thin volumes.
Storage remains the theme to watch. European stocks sit around ten percentage points below last year's levels, keeping injection demand firm through the summer, while UK wind is forecast to ease below seasonal norms from the middle of next week. That combination leaves the prompt finely balanced and sensitive to any further supply disruption.
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