UK Energy Market Summary to Friday 17th July 2026

Closing prices 17.07.2026

Wholesale gas and power markets rose sharply during the week ending 17th July as the conflict between the US and Iran intensified and disruption to shipping through the Strait of Hormuz increased. UK NBP and European TTF gas prices strengthened significantly, with TTF rising by more than 18% during the week, as reduced LNG traffic increased concerns over the availability of Qatari supply to Europe.

European gas storage continued to build, reaching approximately 53% of capacity. However, inventories remain below last year’s level and around 14–15 percentage points below the five-year seasonal average. 

UK and European electricity markets strengthened alongside gas as higher fuel costs increased the cost of gas-fired generation. Continued warm weather supported electricity demand for cooling, while variable renewable generation maintained reliance on thermal power stations. 

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Brent crude recorded a second consecutive strong weekly gain, rising by approximately 16% to close at $88.10/bbl. Further military strikes, attacks affecting commercial vessels and the sharp reduction in tanker movements through the Strait of Hormuz increased concerns over Middle Eastern oil supply. The potential for disruption to extend to other strategic shipping routes added further upward pressure, outweighing expectations of increased OPEC+ production.

Looking ahead, wholesale energy markets will remain focused on developments in the Middle East, LNG and oil shipping through the Strait of Hormuz, European gas storage injections and summer weather patterns. Further escalation could drive additional near-term volatility, although none of the principal parties is likely to benefit from the Strait remaining materially restricted over the longer term. The forward curve remains strongly backwardated, with longer-dated gas and electricity contracts continuing to offer comparatively attractive value for organisations seeking greater cost and budget certainty.

Please contact hello@gleg.co.uk for a more detailed market analysis and expert view on how to navigate your energy procurement strategy through the current market volatility.