Thursday, 30 April 2026
Bearish prompt, bullish forward: Hormuz risk, low storage & nuclear outages dominate
Prices edging higherCal-27 wholesale: £79.09/MWh
What's affecting prices
- •Strait of Hormuz near-closure restricting ~20% of global LNG supply; US-Iran talks stalled
- •European gas storage at ~31% — a four-year seasonal low; only one UK LNG cargo in next 14 days
- •Nuclear outages (Heysham 1-2, Heysham 2-7, Torness) keeping CCGT on marginal dispatch
- •Wind drought last week (avg 5.6 GW) partially offset by above-seasonal warmth suppressing prompt demand
- •UK ETS Dec-26 +£2.00 to £50.47/t on confirmed carbon tax removal for power generation from April 2028
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.