Snapshot - 24 July 2026
UK gas and power drifted lower on Thursday as cooler weather across Europe trimmed cooling demand, with NBP day-ahead settling just below 150 p/therm and UK day-ahead baseload at around £130/MWh. Deferred seasons moved the other way, continuing their recent climb, and this morning prices are flat at the prompt but firmer further along the curve.
The move of the day was in oil, where Brent jumped around 7 per cent to just above $100/bbl as attacks on shipping in the Middle East and reports of possible US military strikes rattled the market. Carbon eased a few per cent on both the EU and UK schemes, and coal drifted lower.
Fundamentals remain a tale of comfort now and risk later. Norwegian flows are steady above 320 mcm/day and the UK system is well supplied, but EU storage sits more than ten points below last year, a heavily backwardated curve is discouraging injections, and a stack of UK nuclear outages runs into August. The full report covers the curve, flows, LNG arrivals and balancing detail behind these moves.
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.