Snapshot - 15 July 2026
Energy markets extended a firm bullish run into Tuesday's close, with the direction set almost entirely by geopolitics. Renewed tension around the Strait of Hormuz, hot weather and sluggish storage injections pushed gas and power to fresh multi-month highs, and the wider commodity complex followed.
UK and Continental gas prompt prices rose by around 4 to 5 p/therm on the day, with day-ahead levels back near multi-month peaks and the whole curve lifting in sympathy. Power tracked the move, with day-ahead baseload up sharply as weakening wind and firm cooling demand raised the call on gas-fired plant. Carbon and oil both firmed, adding to the supportive backdrop.
With LNG shipping through the Gulf disrupted, a US export outage curbing supply and European storage still lagging the seasonal norm, the balance of risk remains to the upside. Nuclear availability is tight in both the UK and France, leaving the market sensitive to any further supply or weather surprises. The full report covers the settlement detail, curve moves and the drivers behind them.
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