UK Imposes Largest Sanctions on Russian Oil Fleet in Years
February 26, 2026
UK Energy Market Summary to Friday 27th February 2026
Closing prices 27.02.2026
On Wednesday, the British spot gas price declined by 2.6% to 2.5 /kWh, as near-term supply remained ample. LNG deliveries rose 3% month-on-month to 11.3 m tonnes (15.4 bcm), slightly below the April 2023 record, and Norway’s flows stayed strong around 327 mcm. In contrast, the Summer 2026 delivery contract gained 1% to 2.5 p/kWh amid lingering Middle East geopolitical risks.
With a period of low wind expected to boost demand, the British spot gas price advanced by 4.7% to 2.6 p/kWh on Thursday. Along the forward curve, the Summer 2026 delivery contract climbed close to 4% to 2.6 p/kWh, underpinned by shrinking inventories and anticipated stronger LNG demand during the refilling season.
At time of writing, European gas storage levels are 29% full, with the UK 29% full. European gas storage levels are trending at the low of the 5-year average. Over the past week gas has accounted for 23% of the UK generation mix with wind accounting for 43%, solar 1% and nuclear accounting for 12%. Below summarises curve prices as at close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
Oil prices edged lower on Thursday, with investors focused on extended US-Iran discussions that reduced the immediate risk of escalation and potential supply shocks.
European carbon prices advanced on Wednesday, with the EUAs expiring in Dec-2026 up 2.7% to 72.58 EUR/tonne. Net long positions dropped to a five-month low.