Snapshot - 21 May 2026
Energy markets fell broadly on Wednesday as easing Middle East tensions and a warmer weather outlook drew risk premium out of prices ahead of the bank holiday weekend. Gas, power and crude all moved lower at the front, with oil leading the way down as the conflict premium that had supported the market in recent weeks began to unwind.
NBP day-ahead gas settled lower and prompt prices extended their fall this morning, although contracts further out firmed on continuing Norwegian maintenance, which is keeping the UK system short. Power was mixed: the forward curve recovered much of Wednesday's slide as wind generation eased back from strong levels and nuclear availability stayed tight, leaving the near curve better supported than gas.
Brent crude dropped more than five per cent and coal slipped, while carbon bucked the trend with a small gain. The full report covers the supply picture, Norwegian outages, storage levels, nuclear availability and the shape of the curve in detail.
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