Snapshot - 11 June 2026
Energy markets remained firmly in the grip of Middle East tensions this week, with the US and Iran exchanging air strikes for a second consecutive day. The conflict pushed Winter-26 gas contracts to multi-week highs, lifted Brent above $93 per barrel, and drove gains across coal and carbon. European gas storage, already the lowest for the time of year since 2022, faces a growing challenge as elevated summer prices and constrained LNG supply weaken the case for injections.
UK gas prices climbed on Wednesday, with day-ahead NBP up more than 6 pence per therm, before easing slightly this morning as warmer forecasts and recovering renewables trimmed demand. Norwegian supply has tightened sharply, with maintenance and an unplanned outage at the Troll field cutting flows to the UK by around 25 mcm per day. Power moved in two directions: day-ahead baseload fell nearly £4 per megawatt hour on stronger wind and solar expectations, while the winter curve followed gas higher.
The coming days hinge on whether the conflict escalates further or moves towards de-escalation. With six UK nuclear units offline, storage well below normal and Gulf supply routes under threat, the market remains highly sensitive to headlines - and positioned for volatility in both directions.
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