Snapshot - 10 July 2026
British and European gas prices extended their week-long climb on Thursday, with day-ahead NBP settling a little above 121 pence per therm and TTF clearing €50 per megawatt hour for the first time in a month, before easing back this morning. Reduced Norwegian supply, disruption to shipping in the Strait of Hormuz and heat-driven power demand fuelled the rally; recovering wind forecasts and the return of Norwegian capacity from maintenance are now pulling prices the other way.
Power followed a similar path. UK forward baseload firmed through Thursday, with near-dated contracts up close to 2 per cent on the day and roughly 10 per cent on the week, supported by constrained nuclear availability in both the UK and France. This morning the near curve is indicated lower as wind output is forecast to recover above seasonal norms over the weekend.
Elsewhere, Brent slipped back towards $76 per barrel after a strong run, though it remains more than 6 per cent higher on the week, while coal firmed and carbon barely moved. Storage is the theme to watch: EU inventories are filling steadily but sit below last year's levels, keeping markets alert to any supply disruption through the remainder of the summer.
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