Monday, 11 May 2026
Bearish tilt eases as Hormuz risks linger; below-norm wind & nuclear stack cap downside
Prices may ease slightlyCal-27 wholesale: £81.60/MWh
What's affecting prices
- •US-Iran peace optimism driving broad energy sell-off; NBP front-month fell ~6.5% to ~107p/therm on 7 May
- •Heavy nuclear outage stack (Heysham 1-2, Torness-1, Sizewell B, Hartlepool) keeping CCGT essential to system balance
- •QatarEnergy LNG force majeure extended to mid-June tightening LNG cargo availability
- •Met Office: below-seasonal temps, blustery showers Mon-Thu, wind picks up around 12 May
- •EU gas storage at 5-year low for early May; Cal-28 curve ~3% below Cal-27, reflecting tentative long-term bearish drift
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.