Snapshot - 08 July 2026
Energy markets opened sharply higher as an escalation around the Strait of Hormuz priced a fresh geopolitical risk premium across the complex. Gas led the move, with front-season NBP up around 5 to 7 per cent, while power lagged and carbon fell.
UK gas took the strongest bid, with Winter 26 offered into the low 120s in p/therm and the prompt firming as demand rose on warm weather and gas-for-power burn. Power followed more modestly, the day-ahead pushing back above £110/MWh and front seasons up a few per cent, held in check as the grid leant on interconnector imports to offset a sharp drop in wind.
Crude jumped on the same headlines, Brent trading up towards the mid $70s, while carbon bucked the trend and eased on demand-destruction concerns. With storage lagging seasonal norms and margin risk building into the evening peak, the balance of risk stays to the upside. The full report covers the detailed price moves, the supply and demand drivers behind them, and the developments shaping the days ahead.
This Snapshot offers a concise view of market trends. For comprehensive daily reports, strategic analysis and tailored advisory support, Lumley Consulting provides independent insight across gas, power and wider energy markets. Learn more about our premium subscriptions and consultancy services here.