Snapshot - 13 July 2026
Wholesale energy markets have opened the week firmly higher after a weekend of renewed Middle East escalation, reversing a softer finish on Friday. Gas and power both closed the previous session down, with the NBP prompt off around 3.5 per cent and UK day-ahead baseload lower by close to 9.5 per cent, before geopolitics reasserted itself and lifted the front of the curve this morning.
Gas is leading the move. The NBP front-month has climbed roughly 5 p/therm to trade near 122 p/therm, unwinding Friday's fundamentals-led dip when recovering Norwegian flows and stronger LNG arrivals had weighed on prices. Power is following gas higher, supported by extended French nuclear outages, a midweek heatwave lifting cooling demand and tight generation margins, though a later recovery in wind should help cap the upside.
Across the wider complex, crude has stayed comparatively calm, with Brent around 76 $/bbl as the market reads the escalation as a risk-premium story rather than a supply shock. Coal drifted lower and carbon held broadly steady, with EUAs near €79 per tonne and UK ETS near £56 per tonne. Storage remains the market's medium-term watch item, with EU stocks tracking below the pace needed to refill for winter.
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