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UK Energy Market Summary to Friday 22nd May 2026
Closing prices 22.05.2026
The NBP spot price dropped by nearly 2% to 4.2 p/kWh on Thursday, as the severe supply crunch from Norway ended. Combined export flows rebounded to 227 mcm/day as maintenance teams cleared work at the Troll, Kollsnes, and Åsgard facilities. Further down the curve, the Winter 2026 delivery contract held at 4.2 p/kWh, balanced by a watchful market waiting to see if Iran will accept the United States’ recent framework to wind down the three-month war.
On Friday, the NBP spot contract fell by 4.8% to 4.0 p/kWh on stronger Norwegian supply as maintenance outages subsided. With markets still encouraged by prospects for a US–Iran agreement, the Winter 2026 delivery contract declined by nearly 2% to 4.1 p/kWh, although supply conditions remain largely unchanged and talks continue to face obstacles.
At time of writing, European gas storage levels are 38% full, with the UK 17% full. European & UK gas storage levels are trending at the low of the 5-year average. Over the past week, gas has accounted for 20% of the UK generation mix with wind accounting for 34%, solar 15% and nuclear accounting for 9%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Crude prices moved higher on Friday as investors remained uneasy about stalled U.S.–Iran peace efforts and the resulting disruption to shipping in the Strait of Hormuz. Meanwhile, reduced flows through the vital passage continued to drive a sharp decline in global oil inventories. Brent crude added 1% to $103.54 a barrel, while WTI crude edged 0.3% higher at $96.60 per barrel.
European carbon prices strengthened on Friday amid aggressive late-session buying. Declining gas prices fuelled optimism over stronger industrial activity and increased demand for carbon allowances. Consequently, the EUAs expiring in Dec-2026 rose by 2.7% to 76.92 EUR/tonne.