Snapshot - 23 September 2026
Wholesale gas and power went in opposite directions on Tuesday depending on how far out you looked. Prompt power fell sharply, with UK day-ahead baseload down more than £35/MWh to settle in the low £160s, while forward contracts for winter and beyond edged higher alongside gas. Day-ahead gas added a couple of pence to settle in the mid-180s p/therm. The session was unusually volatile, with a morning sell-off on Middle East peace speculation reversed in the afternoon as geopolitical headlines shifted again.
The week tells a different story from the day. Front-month gas and winter contracts are both down around 8 per cent over seven sessions as the risk premium built earlier in September continues to unwind, with winter gas now roughly 11 per cent below its mid-September high. Supply is the reason the prompt has held up: Norwegian maintenance peaked today, with export nominations well down on normal levels, though most of that work unwinds from tomorrow. UK LNG deliveries eased and the system is exporting heavily to the Continent.
Across the wider complex, oil fell on the week as a major Saudi pipeline restarted and diplomatic signals around the Strait of Hormuz improved, though disruption to Libyan output limited the downside. Coal firmed modestly. European carbon was steady and slightly higher on the week, while UK allowances fell, widening the gap between the two schemes and improving the relative position of UK generators. Sterling was flat against the euro and softer 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.