Snapshot - 23 June 2026
Energy markets softened as Middle East tensions eased. A framework for US-Iran talks and the reopening of the Strait of Hormuz unwound the risk premium that had been supporting prices, pulling crude and the forward gas curve lower. Brent gave back more than six per cent on the week into the high $70s per barrel, while UK gas drifted toward 100 pence per therm with hot weather cutting heating demand.
Power was the standout. Forward seasons eased alongside gas, but prompt prices surged: the UK day-ahead baseload jumped above £120 per megawatt hour and higher again in early trade, driven by a Northwest European heatwave, low wind and French nuclear plants curtailed by river temperatures. With several UK reactors also offline, near-term margins tightened sharply even as the curve looked calmer.
Carbon split between the two schemes. EU allowances firmed into the low €80s per tonne, while UK allowances dropped below £60 after the Prime Minister signalled his departure. Coal eased on the week, and sterling held broadly steady despite the political news.
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