Snapshot - 22 June 2026
Gas opened the week firmer despite an easing geopolitical backdrop. Weekend reports of progress in US and Iran talks pulled risk premium out of crude, yet UK gas pushed higher this morning, with front-month NBP indicated in the low 100s of pence per therm against last week's softer close. Warm weather building across north-west Europe, weak wind and reduced nuclear availability are doing the work on the demand side, while comfortable Norwegian flows and a long UK system provide the counterweight. The week as a whole was sharply lower, so the move reads as a partial bounce within a softer trend.
Power followed gas and the heat higher at the prompt. UK day-ahead baseload firmed into the new week and morning levels are materially stronger as a continental heatwave lifts cooling demand and gas-fired plant stays dominant in a low-wind, reduced-nuclear mix. Further along the curve the move was more modest, with winter contracts firmer on the day but still below where they sat a week ago.
Across the wider complex, crude is range-bound to softer as the premium leaves the front of the barrel, with Brent easing back towards the low 80s in dollar terms. Coal slipped over the week, while carbon stood out as the period's outperformer, with EU allowances higher week-on-week even as gas, oil and coal fell. Sterling held steady against the euro and was a touch weaker against the dollar.
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.