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UK Energy Market Summary to Friday 7th August 2026
Closing prices 07.08.2026
Wholesale gas and power markets eased during the week ending 7th August, giving back part of the geopolitical risk premium built into prices during July. UK NBP gas declined by approximately 5% to close at around 136p/therm, while European TTF fell to approximately €55.50/MWh. Signs of progress in Omani-led negotiations over shipping through the Strait of Hormuz provided some relief, although restricted LNG movements, Norwegian supply constraints and continued competition for available cargoes limited the decline.
European gas storage increased to approximately 58.5% but remains around 13 percentage points below last year and materially below the five-year seasonal average. Recent injection rates remain below the pace required to reach the EU’s relaxed 80% target by November, leaving the market sensitive to further LNG disruption or an early start to the winter withdrawal season. UK and European electricity markets broadly followed gas prices lower, supported by improved renewable output later in the week, although hot weather and constraints affecting European nuclear generation-maintained periods of system tightness. European carbon prices strengthened to close at approximately €83.30/tonne.
Curve UK Gas & Electricity Markets
Other Energy Markets
Brent crude recorded a weekly decline of approximately 5%, closing at $83.55/bbl as expectations of an agreement to improve tanker movements through the Strait of Hormuz reduced immediate supply concerns. Prices recovered modestly on Friday as negotiations remained unresolved and renewed disruption affecting Red Sea shipping highlighted the continuing risk to Middle Eastern exports.
Looking ahead, markets will remain focused on negotiations concerning the Strait of Hormuz, the recovery of LNG exports, Norwegian gas availability, European storage injections and the outlook for late-summer weather. Although prompt prices have eased from July’s highs, the geopolitical position remains fragile and renewed disruption could quickly restore the risk premium. The forward curve remains strongly backwardated, with longer-dated gas and electricity contracts continuing to offer comparatively attractive value for organisations seeking greater budget certainty.