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UK Energy Market Summary to Friday 27th March 2026
Closing prices 27.03.2026
Amid hopes for a Middle East peace deal, British gas prices slid further on Wednesday. The NBP spot contract decreased by 1% to 4.43 p/kWh, and the Summer 2026 delivery contract fell by 2.3% to 4.5 p/kWh as markets weighed the potential impact of Iran permitting friendly LNG shipments via the Strait of Hormuz, a route responsible for around a fifth of global LNG before the conflict.
British gas prices rose on Thursday, underpinned by ongoing Middle East tensions after Iran dismissed a US 15-point peace proposal, keeping concerns alive over possible LNG disruptions via the Strait of Hormuz. The NBP spot contract rebounded by 5.4% to 4.66 p/kWh, while the Summer 2026 delivery contract advanced by 4.6% to 4.7 p/kWh.
At the time of writing, European gas storage levels are 28.14% full, with the UK 36.27% full. European gas storage levels are trending at the low of the 5-year average. Over the past week, gas has accounted for 16.7% of the UK generation mix with wind accounting for 48.9%, solar 6.8% and nuclear accounting for 13.5%. Below summarises curve prices as at the close of business on Friday.
Curve UK Gas & Electricity Markets
Other Energy Markets
On Thursday, oil prices moved higher as optimism around a possible ceasefire in the Middle East waned. Investor concerns intensified with a five-day deadline approaching and reports of US forces being sent to the region, raising the risk of escalation. Consequently, Brent crude jumped by 5.7% to $108 per barrel, while WTI crude soared by 4.6% to $94.48 per barrel.
European carbon prices ticked higher on Thursday, supported by stronger energy markets amid mixed Iran-related news and Persian Gulf tensions, while Market Stability Reserve (MSR)-related uncertainty continued to weigh on the sentiment. Consequently, the EUAs expiring in Dec-2026 rose by 1.3% to 71.65 EUR/tonne.