Snapshot - 24 April 2026
European energy markets extended their rally on Thursday as the US-Iran conflict, now in its ninth week, continued to support the complex. NBP and TTF prompt gas firmed for a fourth consecutive session, with UK front month settling at 110.89 p/therm and indicated around 112.75 p/therm this morning, while power followed higher on weaker wind forecasts and tighter Norwegian supply. Brent crude rose to 105.07 $/bbl and coal, carbon and LNG benchmarks all gained on the day.
UK baseload day-ahead jumped to 102.00 £/MWh, up around 8.5 per cent on the previous session, as wind output is forecast to fall by around 55 per cent between 23 and 24 April and nuclear availability remains reduced through ongoing outages at Heysham and Torness. Curve power moved higher in sympathy, with Win-26 closing at 94.00 £/MWh and indicated closer to 98.00 £/MWh this morning. Norwegian flows to the UK softened on outages at Troll and Kollsnes, and no UK LNG arrivals are scheduled over the coming weeks.
EU gas storage at 30.82 per cent sits roughly seven percentage points below the same point last year, and the IEA has flagged that the Iran war has removed an estimated 120 bcm of LNG supply over 2026-2030, around 15 per cent of projected global supply. The combination of a tighter refill task, constrained Norwegian flows, weaker wind and persistent geopolitical risk is keeping upside pressure across the European energy complex heading into summer.
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