Snapshot - 17 February 2026
UK wholesale gas and power prices fell sharply on Monday and continued to ease into Tuesday morning. NBP day-ahead dropped around 8 per cent to roughly 73.75 p/therm after US gas production recovered from Winter Storm Fern faster than expected, pulling global benchmarks lower. UK baseload power settled near £78.77/MWh, down on the session, while carbon allowances remained under pressure with EUAs trading around €69 per tonne and UKAs hovering near multi-month lows.
The sell-off was driven by a combination of improving weather forecasts, strong LNG arrivals into north-west Europe, and the unwind of the cold premium built during January and early February. European gas storage sits at around 34 per cent – the lowest since the 2022 crisis – but milder conditions ahead should slow withdrawal rates. Wind generation forecasts have improved to seasonal norms, reducing gas-for-power demand and easing system tightness.
Attention turns to US–Iran talks in Geneva today, which could bring volatility to oil and broader energy markets. Brent crude trades around $68.65 per barrel. On the supply side, the first feedgas has entered the new Golden Pass LNG export terminal in the US, while the Ormen Lange outage in Norway has been extended. Curve prices softened across gas and power but remain supported by storage concerns and a busy spring maintenance schedule.
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