Snapshot - 20 July 2026
Wholesale energy prices pushed sharply higher into the weekend as geopolitics returned to the driving seat. UK gas for near-term delivery gained around 6 per cent on Friday, with winter contracts rising in step as the market priced renewed supply risk following reported strikes on Ukrainian gas infrastructure and escalating tension in the Middle East. Prices have opened higher again this morning after a weekend of further escalation between the US and Iran, including reported attacks on tankers in the Strait of Hormuz.
Power followed gas higher along the curve, with winter baseload up around 3 per cent, while weekend prompt prices eased on soft demand and strong solar. Low wind forecasts for the week ahead and a lengthening list of UK nuclear outages are keeping the power market well supported, with this morning's day-ahead back near recent highs.
Elsewhere, Brent climbed towards $90/bbl - its highest since mid-June - coal firmed, and carbon was mixed, with UK allowances edging up while EUAs paused on proposed reforms to the EU ETS. The full report covers settlement levels, curve moves, fundamentals and the developments to watch, available to subscribers.
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