Snapshot - 14 May 2026
Wholesale energy markets traded in a narrow band as attention turned to the Trump-Xi summit in Beijing. Gas and power settlements edged higher on Wednesday across most of the curve, while carbon diverged - EUAs softened on news of additional ETS 2 supply, but UK allowances firmed. Prices opened broadly flat on Thursday with liquidity thin during a continental public holiday.
Gas fundamentals stayed comfortable. Norwegian flows were steady overall, though UK imports dropped after the Emden pipeline returned to service and redirected volumes to the continent. LNG sendout remains healthy with a busy arrivals schedule, and European storage continues to build, albeit around 7.5 per cent behind last year. Cooler than seasonal temperatures are lifting demand, with a warmer pattern expected from around 24 May.
Power followed gas and carbon closely. Front-curve baseload firmed while the back of the curve eased, with strong UK wind output and a heavy nuclear outage slate pulling in opposite directions. Brent settled lower on Wednesday before firming slightly into Thursday, and coal drifted down across the curve.
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