Snapshot - 28 April 2026
European wholesale energy markets opened the week on a steadier footing after a five-day rally, with indicative morning prices ticking back up after Monday's softer settlements. Mild, windy conditions across Northwest Europe weighed on prompt gas and power on Monday, with UK day-ahead gas easing to around 109 p/therm and UK day-ahead baseload power softening to just under £99/MWh. UK temperatures are running roughly 5°C above seasonal norm and wind generation is set to strengthen materially into the back end of the week, both pointing to subdued residual gas-for-power demand.
The curve has reversed course this morning on continued strength in oil. Brent crude is trading above $108/bbl - up nearly 20 per cent since mid-April - on the back of the ongoing Strait of Hormuz blockade and stalled US-Iran peace talks. NBP Win-26 and Sum-27 contracts are both indicated higher than Monday's close, while UK power Q4-26 has firmed by over £6/MWh. European storage remains at low levels for the time of year and injection pace continues to lag, providing background support to seasonal contracts.
Carbon was mixed, with EUA Dec-26 easing slightly to €74.74/t and UK ETS Dec-26 firming to £51.36/t. Coal ARA CIF Cal-27 was little changed on the day at $118.03/t but is up over 8 per cent on the week as the wider energy complex has strengthened. Sterling held in tight ranges against both the euro and dollar.
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