Snapshot - 22 May 2026
Gas and power both eased as warmer forecasts took hold, with a continental heatwave set to cut heating demand into next week. Prompt NBP softened and UK baseload day-ahead fell sharply on the day, though geopolitical risk around Iran and the Strait of Hormuz kept a floor under the wider complex.
On the supply side, Norwegian maintenance is easing, Langeled flows to the UK have recovered strongly and LNG send-out is steady, loosening the near-term balance. A weakening wind outlook and extensive nuclear outages are lending some support to the front of the power curve, even as solar runs strong over the holiday weekend.
Across the wider complex, crude was softer at settlement but firmer this morning on Middle East risk, coal held firm on the week, and carbon slipped as EUAs eased on the day. Sterling was broadly steady against the euro and dollar.
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