Snapshot - 27 May 2026
Prompt gas extended losses this morning as warmer weather, stronger wind generation and improved Norwegian deliveries softened the near-term picture. NBP day-ahead is indicated in the low-110s p/therm and TTF front month is trading around €46/MWh, with forward seasons proving more resilient on persistent geopolitical risk premiums and tight summer balances.
UK power moved in opposing directions across the curve. Day-ahead baseload settled sharply higher on Tuesday near £107/MWh on weak wind and a heavy nuclear outage stack, but is correcting back toward £102/MWh this morning as wind forecasts improve. Forward seasons eased at the front and firmed further out, supported by stronger carbon pricing and ongoing UK nuclear unavailability into June.
The wider complex saw Brent climb roughly 3.6 per cent to just under $100/bbl following US strikes on Iranian military targets, while EUAs and UK ETS contracts also firmed. The week ahead will be dominated by Middle East developments, Norwegian return-to-service flows including Oseberg, and revised wind forecasts into early June.
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