Snapshot - 13 April 2026
Energy markets opened sharply higher on Monday after US-Iran peace talks broke down over the weekend and the US announced a naval blockade on the Strait of Hormuz. Gas prices reversed Friday's losses, with NBP front month offers jumping around 10 p/therm and TTF May-26 spiking to €50/MWh before easing back. Brent crude pushed above $100/bbl. The moves unwound the risk-premium unwind that had driven prices lower late last week.
UK power tracked gas higher across the curve, with Win-26 baseload offers near £100/MWh against a Friday settlement below £91/MWh. Strong UK wind forecasts and the planned return of IFA to full capacity provide some downside offset, but nuclear availability remains constrained by ongoing planned and unplanned outages across the Heysham and Torness fleet.
The broader market remains dominated by the Hormuz situation. Norwegian pipeline maintenance begins later this week, adding supply-side tightness at a time when LNG routing from the Gulf is under threat. Coal and carbon were relatively subdued on Friday, with EUAs hovering around €73/t and UKAs near £43/t. Temperatures across Europe are set to warm significantly from midweek, which should ease thermal demand, but the geopolitical risk premium will continue to dictate near-term direction.
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