Snapshot - 16 July 2026
Wholesale energy markets pushed higher again on Wednesday, with gas, power and crude all rallying on a Middle East risk premium, tighter LNG supply and a sharp drop in wind generation. UK gas and power day-ahead prices settled up strongly, and the front of the curve added several per cent over the week, before easing modestly at the prompt this morning as the system lengthened and wind recovered.
Gas led the move, with the UK day-ahead settling in the low-130s p/therm and the Dutch benchmark reaching its highest since late March. Supply remained physically adequate, with steady Norwegian flows, but a halving of nominated LNG deliveries and below-average European storage kept sentiment firm. Power tracked gas higher, with UK day-ahead baseload up sharply as wind fell by more than a third, while reduced UK and French nuclear availability added further support.
Across the wider complex, Brent held near $85/bbl and WTI near $80/bbl, both up around 8 to 9 per cent over the week. Carbon was mixed, with European allowances easing slightly and the UK scheme firming, while Asian LNG benchmarks rose and sterling gained against the dollar. The tone into today remains cautiously bullish, with prices sensitive to any further geopolitical escalation.
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