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UK Energy Market Summary to Friday 20th March 2026
Closing prices 20.03.2026
UK gas prices climbed sharply on Wednesday, with the NBP spot contract up 6.4% at 4.62 p/kWh, as shoulder season supply tightened and the attack on Iran’s key Persian Gulf gas field raised risks for European imports via Turkey, especially if Iran invokes force majeure. On the forward curve, the Summer 2026 delivery contract also rose about 6% to 4.58 p/kWh, driven by concerns over supply disruption and LNG flows increasingly diverted to Asia.
British gas prices surged on Thursday, with NBP spot climbing 13% to 5.24 p/kWh following Iranian attacks on Qatar’s major LNG export facility. Concerns over potential damage at Ras Laffan sparked fears of a prolonged global supply disruption. Further out the curve, the Summer 2026 contract jumped by nearly 14% to 5.2 p/kWh, indicating expectations that conflict-related supply constraints will continue.
At time of writing, European gas storage levels are 28% full, with the UK 36% full. European gas storage levels are trending at the low of the 5-year average. Over the past week gas has accounted for 26% of the UK generation mix with wind accounting for 27.2%, solar 9.5% and nuclear accounting for 12.4%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Brent crude increased on Thursday but stayed well below its intraday high of $119 per barrel, while U.S. crude futures closed marginally lower after briefly surpassing $100 per barrel earlier in the session.
Concerns over possible EU ETS reforms and other policy changes to cut electricity costs and improve competitiveness at an EU summit pushed European carbon prices lower on Thursday, with Dec-2026 expiry contract dropping by 3.4% to 63.65 EUR/tonne.