Snapshot - 09 June 2026
Gas and power closed firmer across the curve on Monday as a returning geopolitical risk premium and cooler near-term weather lifted demand expectations, with the nearest contracts leading the move. UK gas day-ahead settled in the low 120s in pence per therm and front-winter gas around 123p, while UK baseload day-ahead rose close to 7 per cent on the day to settle above £104 per MWh. Carbon lagged the rally, with the EU benchmark flat on the day and the UK Allowance marginally lower, and crude firmed around 1 per cent before easing on Tuesday morning as tensions in the Middle East showed signs of cooling.
Norwegian exit flows stayed robust and Langeled into the UK held near a recent high, though planned maintenance is set to reduce Norwegian supply over the coming days. LNG send-in across Northwest Europe ran well below monthly norms, and European storage remained unusually low for early June with injections lagging last year, keeping a floor under summer and front-winter pricing. Front-of-curve gas firmed by around 3p per therm on Monday while the back of the curve was little changed to slightly softer.
Power tracked gas higher, with nuclear availability constrained by a heavy outage schedule and several major units offline, increasing reliance on gas-fired generation. A near-term dip in wind and solar is expected to lift residual load before a brief recovery, and Continental day-ahead pricing was mixed as strong French nuclear, hydro and solar pushed French prices well below their German and Dutch neighbours. Carbon and a tight thermal stack continue to support the forward curve.
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