Snapshot - 23 April 2026
European gas and UK power extended gains for a third consecutive session on 23 April as escalation in the Strait of Hormuz and a fragile US-Iran ceasefire kept a firm bid under the wider energy complex. NBP front-month is trading above 110 p/therm this morning, with TTF back above €45/MWh and Brent up roughly 12.8 per cent since Friday to around $101/bbl. Asian buyers dependent on Qatari cargoes have started curtailing gas-fired generation, while European regasification has slipped to 248 mcm/day.
UK baseload tracked gas higher, with the day-ahead settling at £94.00/MWh and indicative levels this morning pushing above £101/MWh as wind generation is forecast at around 7 GW through next week, well below seasonal norm. Nuclear availability remains tight, with Heysham 2 full return now slipping to 27 April and Torness entering a further planned outage today, keeping the thermal stack in focus.
Carbon bucked the trend, with UKAs down £1.52 to £47.61 per tonne and EUAs easing £1.29 to €74.41 per tonne. Coal firmed alongside oil, with ARA CIF Cal-27 adding $2.32 to $113.86 per tonne as the market priced in the risk of higher global coal burn should Persian Gulf LNG flows remain disrupted.
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