Snapshot - 16 June 2026
Energy markets opened the week sharply lower as the risk premium tied to the Middle East unwound. Signs of a US and Iran de-escalation, with the Strait of Hormuz set to reopen, pulled UK gas down almost 11 pence per therm at the front of the curve, with the Winter 2026 contract off around 9 per cent. Power and oil followed the move lower.
Warmer weather and stronger solar added to the bearish tone, trimming gas-for-power demand, though below-normal wind and a heavy run of nuclear outages lent some support to prompt power. Storage remains the key swing factor, sitting a little under 44 per cent full and still below last year. Carbon bucked the trend, firming while the rest of the complex fell.
This morning the prompt has steadied and the far curve is finding a bid, with thin liquidity making for choppy trade. Brent slipped into the low 80s dollars per barrel and continues to soften. The focus now turns to whether the de-escalation is confirmed later in the week, which will set the tone for whether this correction has further to run.
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