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UK Energy Market Summary to Friday 19th June 2026
Closing prices 19.06.2026
Wholesale gas and power markets eased during the week ending 19 June as geopolitical risk premiums reduced following continued diplomatic progress between the United States and Iran. Improved sentiment around global energy supply security helped lower European gas prices, with wholesale power markets also moving lower across most major European regions.
Despite the softer market tone, forward gas and power prices remain supported by ongoing uncertainty around winter supply security, LNG availability, and European storage levels. European gas storage continued to build steadily during the week, reaching approximately 46% full, helping to improve confidence ahead of Winter 2026.
Within the UK generation mix, renewable output remained strong, with wind generation continuing to make a significant contribution to electricity supply. However, gas-fired generation remains an important price-setting technology, meaning movements in gas markets continue to directly influence wholesale power prices.
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Brent crude oil prices also softened during the week as concerns around disruption to Middle Eastern oil exports eased. Looking ahead, market direction is expected to remain heavily influenced by geopolitical developments, LNG market fundamentals, and the pace of European gas storage injections throughout the summer months.
European gas storage injections continued at a healthy pace, providing additional confidence ahead of Winter 2026. Looking forward, energy markets are expected to remain focused on geopolitical developments, LNG availability, summer weather patterns, and the pace of storage replenishment, all of which will play a key role in determining wholesale gas and power price direction over the coming months.