Snapshot - 09 February 2026
European gas and power markets opened sharply lower on Monday as milder weather revisions trimmed expected demand for the week ahead. The NBP front month dropped around 5 p/th from Friday's close, while UK baseload power fell roughly £4/MWh. Supply fundamentals remain supportive, with robust LNG arrivals and steady Norwegian pipeline flows, though EU storage below 38 per cent keeps the underlying risk elevated.
Oil retreated after the US and Iran reported progress in weekend nuclear talks, easing geopolitical concerns. Brent was last around $68/bbl, down nearly 4 per cent on the week. Carbon markets added further bearish pressure, with EUAs hitting four-month lows on speculation of extended free allowance provisions. Russian crude output continued to decline under sanctions pressure, though OPEC+ strategy beyond March remains unclear.
The broader picture is one of weather-driven volatility overlaying tight structural balances. A brief cold snap is still expected mid-month, and low wind forecasts across Europe are supporting the front of the power curve, but the market's willingness to sell into milder revisions suggests traders are increasingly confident the worst of winter's price risk has passed. Nordic markets remain the exception, with day-ahead power at its highest since the 2022 energy crisis.
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.