Snapshot - 20 May 2026
Energy markets turned softer this morning after a supply-driven firm spell earlier in the week. Milder weather across north-west Europe and signs of de-escalation in the Middle East unwound part of the risk premium that had built on Norwegian outages and US-Iran tensions, leaving gas, power and crude all easing on the day.
UK gas slipped at the open, with the NBP front month off around 1 p/therm and the back of the curve softer as rising temperatures cut expected demand. Power fell hard on the prompt, with day-ahead baseload down close to 20 £/MWh after a surge in wind generation displaced gas-fired plant, although front and winter contracts held firmer on heavy nuclear maintenance. Storage remains the swing factor, with EU stocks filling below the usual seasonal pace.
Across the wider complex, Brent and WTI eased as the geopolitical premium faded, while carbon drifted lower in step with the bearish weather signal. Coal moved the other way, firming on the day. Sterling was broadly steady against both the dollar and the euro.
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