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UK Energy Market Summary to Friday 8th May 2026
Closing prices 08.05.2026
The NBP spot contract fell by 6% to 3.74 p/kWh on Wednesday after a second LNG vessel crossed the Strait of Hormuz, easing concerns over supply disruptions. Further along the curve, the Winter 2026 delivery contract dropped by 6.5% to 3.76 p/kWh amid improving geopolitical sentiment following the US announcement ending military action against Iran.
Prolonged maintenance at Norway’s Troll field supported the NBP spot contract, which edged higher at 3.745 p/kWh, amid tighter supply expectations. In contrast, the Winter 2026 delivery contract edged 0.27% lower at 3.75 p/kWh as improving sentiment around a potential Iran peace deal weighed on the market.
At time of writing, European gas storage levels are 35% full, with the UK 26% full. European gas storage levels are trending at the low of the 5-year average. Over the past week, gas has accounted for 34% of the UK generation mix, with wind accounting for 16.6%, solar 10.2% and nuclear accounting for 15.9%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Crude oil prices eased on Thursday amid reports that the U.S. may restart efforts to ensure safe commercial shipping through the Strait of Hormuz. Brent crude fell by 1.2% to $100.06 per barrel, while WTI crude slipped by 0.3% to $94.81 per barrel.
European carbon prices softened on Thursday, mirroring weakness in equity markets as participants waited for clearer signals from ongoing US-Iran negotiations. Against this backdrop, the EUAs expiring in Dec-2026 fell by 1.2% to 75.13 EUR/tonne.