Energy Markets Remain Reactive as Sentiment Shifts Day by Day
April 17, 2026
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UK Energy Market Summary to Friday 17th April 2026
Closing prices 17.04.2026
The NBP spot contract dropped by 5% to 3.51 p/kWh on Wednesday, reacting to signals from US President Donald Trump about upcoming peace talks with Iran. On the forward curve, the Winter 2026 delivery contract dipped by 3.4% to 3.54 p/kWh, with ample Norwegian pipeline supply and mild weather reinforcing downward pressure. Relatively low European storage levels continued to pose a risk, although injections have been steadily increasing.
The NBP spot contract increased by 2.5% to 3.6 p/kWh on Thursday amid anticipation of updates from Middle East peace talks, with colder weather forecasts adding mild bullishness. On the forward curve, the Winter 2026 delivery contract gained 3% to 3.65 p/kWh, supported by historically low gas inventories across Europe, especially in the Netherlands and Germany, and a recent slowdown in injection activity following earlier increases this month.
At time of writing, European gas storage levels are 30% full, with the UK 32% full. European gas storage levels are trending at the low of the 5-year average. Over the past week, gas has accounted for 21.9% of the UK generation mix with wind accounting for 44.9%, solar 9.1% and nuclear accounting for 16.8%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices rose on Thursday but held below $100 per barrel, as investors balanced U.S.–Iran diplomatic progress against ongoing tensions. While Trump’s ceasefire announcement between Israel and Lebanon supported sentiment, a U.S. blockade on Iranian ports, already turning away 14 vessels, kept risks elevated. As a result, Brent crude soared by around 5% to $99.39 per barrel, while WTI crude advanced by 4% to $94.69 per barrel.
European carbon prices rose on Thursday, driven by rising fund net length and speculative buying around key technical levels. Fuel switching further supported the market as coal remained relatively cheaper than gas. In this context, the EUAs expiring in Dec-2026 added over 1% to 75 EUR/tonne, hitting a nine-week high.