Snapshot - 15 June 2026
Energy markets reversed sharply lower to start the week as the geopolitical risk premium built up through early June began to unwind. Reports of a US to Iran de-escalation, including a possible reopening of the Strait of Hormuz, combined with stronger wind forecasts to pull gas, power and oil lower together.
UK gas led the move. The front-month fell close to 7 per cent on Friday and softened again on Monday morning, while Brent crude shed several dollars to trade in the high 80s per barrel. Power followed on the prompt, with day-ahead prices collapsing on a weekend of strong renewable output, though forward contracts proved more resilient and firmed slightly into Monday.
Beneath the sell-off, the supportive elements have not gone away. Continental storage remains at multi-year lows for the time of year, a sizeable slice of UK nuclear capacity is offline, and the Middle East picture is still unresolved. For now the weather and the peace signals have the upper hand, but the market is finely balanced.
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