Snapshot - 10 June 2026
Energy markets reversed course overnight after Iranian attacks on US military bases across the Gulf region marked the most serious escalation since April's ceasefire. Tuesday had seen broad declines, with UK gas prices falling around 3 per cent and the front-month settling at 117.75p/therm, but contracts firmed across the board this morning as traders priced renewed risks to regional supply and shipping routes.
UK power followed a similar path, with forward contracts easing on Tuesday before recovering this morning, although day-ahead prices had already jumped to £113.10/MWh on tighter system conditions. European gas storage remains well below normal for the time of year, and a sharp ramp-up in Norwegian maintenance over the coming days adds further support beneath the market.
Elsewhere, Brent crude settled near $91 per barrel after a fall of almost 3 per cent, a move now exposed to the overnight escalation, while carbon prices softened on both sides of the Channel. The full Wholesale Market Update covers prices, flows and fundamentals across the gas, power and commodity complex in detail.
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