Markets This Morning
As the market continues to ebb and flow, UK wholesale gas prices are trading lower this morning. The front-month September contract last traded at 145.00p/th, a decline of almost 5.00p/th from Wednesday’s settlement, with shorter-than-expected maintenance at some of Norway’s gas fields expected to ease some near-term supply concerns. Crude oil has continued its late decline as the market digests expectations of weaker demand in 2026, while the build in U.S. crude inventories has also weighed on the market. The front-month Brent crude contract last traded at $87.38/bbl, representing a decline of $1.04. Carbon markets are little changed in early trading, with both the spot and Dec-26 contracts trading broadly sideways.
Yesterday in Summary
UK wholesale gas prices recovered Tuesday’s losses as uncertainty over the reopening of the Strait of Hormuz and the resumption of regional LNG exports continued to support prices. The front-month September contract rose 5.69p/th to 149.91p/th, while longer-dated contracts remained comparatively stable on expectations of a near-term resolution to the conflict. Brent crude fell to $88.42/bbl as weaker demand forecasts and rising U.S. inventories outweighed Middle East supply concerns. EUA carbon prices edged lower amid limited liquidity and afternoon selling pressure, while GB baseload power followed gains in wholesale gas.
