Snapshot - 26 June 2026
Wholesale gas and power drifted lower at the front of the curve as the risk premium tied to the Middle East continued to ease and forecasts pointed to cooler, windier weather from the weekend. Front-season gas slipped to its lowest level since mid-April, with the wider curve a touch softer, helped by strong Norwegian supply and a healthy run of LNG arrivals. The heatwave across mainland Europe kept cooling-related demand firm, which limited the downside rather than reversing it.
Power was a mixed picture. Day-ahead baseload eased in line with gas, but the evening peak firmed as a fresh round of French nuclear outages tightened the Continental supply position. Forward seasons were broadly steady, with carbon and the nuclear maintenance schedule lending some support further out.
Across the wider complex, crude edged higher on renewed tension around the Strait of Hormuz before giving most of the move back, coal slipped lower, and carbon was mixed, with EU allowances softer and UK allowances marginally firmer. The overall tone was one of a market gradually pricing out conflict risk while keeping a close watch on summer storage and the weather.
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