Snapshot - 22 July 2026
Wholesale energy prices extended their rally on Tuesday and again this morning, with the escalating conflict between the US and Iran keeping a firm risk premium across the complex. European gas touched its highest levels since mid-March, UK gas for August delivery has climbed around a quarter sinceial levels seen in early July, and the wider curve firmed as thinning LNG arrivals and a slower European storage rebuild added support beneath the geopolitical headlines.
Power followed gas higher along the curve, and although UK day-ahead baseload settled slightly softer, this morning's indications are markedly stronger as wind output drops to its lowest in two weeks and more than 3 GW of UK nuclear capacity sits offline. On the Continent, French power has re-rated sharply on the week as heat-related restrictions curb nuclear output, keeping the whole region's forward curve well bid.
Elsewhere, Brent pushed into the low $90s/bbl - up around 7 per cent on the week - and coal firmed alongside, while carbon bucked the trend with both EUAs and UKAs easing modestly. Sterling softened against the euro and the dollar. The full report covers settlement levels, system fundamentals and the developments to watch in detail.
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.