Snapshot - 23 July 2026
Wholesale energy prices pushed sharply higher midweek, with escalating tensions around the Strait of Hormuz, reduced Norwegian gas flows and Europe's storage shortfall all pulling in the same direction. UK gas for next-day delivery settled around 150 p/therm, its strongest level in months, and the winter curve gained between 13 and 15 per cent on the week as the market priced a growing premium for near-term security of supply.
Power followed the fuel complex, with UK day-ahead baseload settling in the low £130s/MWh and forward seasons up 3 to 5 per cent on the day. German Cal-27 reached a three-year high, French prompt power surged on nuclear curtailments in the heat, and carbon added around 4 per cent, with EUAs in the high €80s/tonne and UK allowances in the low £60s/tonne. Brent climbed into the mid $90s/bbl as attacks on regional shipping raised the security premium on seaborne supply.
This morning gas is holding near Wednesday's close while curve power edges higher in thin trade. The full Wholesale Market Update covers the detailed settlement levels, flow and storage data, nuclear availability and the developments driving positioning into August - available to subscribers daily.
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