Snapshot - 21 April 2026
Gas markets eased through Tuesday morning as traders faded part of Monday's sharp rally, when the weekend closure of the Strait of Hormuz and a near-2026-low in Norwegian flows pushed NBP and TTF up by around 3-4 per cent across the prompt and front season. NBP day-ahead settled at 101.25 p/therm and the front month at 101.31 p/therm, with the TTF M+1 closing at 40.29 €/MWh. The UK system opened balanced with mild weather offsetting the loss of around 90 mcm/day from a Troll outage, and a heavy LNG arrival schedule into north-west Europe today provides further cushion.
UK power tracked gas higher on Monday, with the front month settling at £84.16/MWh and the day-ahead baseload at £80.06/MWh. Prices firmed further into the morning on weakening wind forecasts, with output expected to fall well below seasonal norm from this weekend. The IFA interconnector with France has been offline since Monday, removing a key import buffer during the low-wind period, partly offset by an improving solar outlook through to early next week.
Brent steadied near $95/bbl after a 5.6 per cent jump on Monday, with markets focused on US-Iran talks expected in Pakistan ahead of Wednesday's ceasefire deadline. Carbon eased despite the gas rally, with EUAs at €76.13/tonne and UKAs at £50.86/tonne, while coal continued its steady decline with ARA CIF Cal-27 at $108.80/tonne.
This Snapshot offers a concise view of market trends. For comprehensive daily reports, strategic analysis and tailored advisory support, Lumley Consulting provides independent insight across gas, power and wider energy markets. Learn more about our premium subscriptions and consultancy services here.