GLEG UK Energy Market Update 17-08-26…
August 17, 2026
UK Energy Market Summary to Friday 21st August 2026
Closing prices 21.08.2026
Wholesale gas and power markets rose further during the week ending 21 August, extending the previous week’s gains as geopolitical and physical supply concerns intensified. UK NBP Winter-26 gas increased by approximately 7.4% to 162.6p/therm, while European TTF rose to around €66.30/MWh. Stalled US–Iran negotiations, restricted tanker movements through the Strait of Hormuz and continued uncertainty surrounding Qatari LNG exports maintained the geopolitical risk premium. An unplanned outage at Norway’s Kårstø processing facility, limited UK LNG deliveries and strong exports from Britain to continental Europe provided additional support.
European gas storage increased to approximately 62%, with injections remaining broadly in line with the pace required to reach the EU’s relaxed 80% target by November. However, stocks remain materially below last year and around 20 percentage points below the seasonal norm. Limited LNG availability, competition with Asian buyers and continued dependence on Norwegian pipeline flows leave Europe vulnerable to further disruption or an early start to winter. UK Winter-26 electricity increased by approximately 5.9% to £133.4/MWh, supported by higher gas prices, reduced nuclear availability and forecasts of below-average wind generation. European carbon remained relatively stable at approximately €82.80/tonne.
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Brent crude increased by approximately 6.6% to $94.39/bbl, recording its second consecutive weekly gain and reaching its highest level in around a month. Prices strengthened as US–Iran negotiations remained stalled, the United States announced further economic pressure on Iran and restrictions on tanker movements through the Strait of Hormuz continued. Tightening global fuel inventories provided additional support, although increased OPEC+ production and the absence of further direct military escalation limited a more substantial move above $95/bbl.