Sunday, 21 June 2026
Gas prices ease sharply on US-Iran deal; power follows but residual premium lingers
Prices fallingCal-27 wholesale: £81.48/MWh
Energy prices have dropped notably over the past week, mostly because an agreement between the US and Iran means big tankers carrying gas from the Middle East are starting to move again — which should bring more gas to Europe and the UK. We expect prices to stay lower than they were a few weeks ago, but a lot depends on whether that peace deal holds, so there is still a chance things could reverse if tensions flare back up.
What's affecting prices
- •US-Iran peace deal reopening Middle East gas shipping routes
- •Qatar restarting LNG exports — more gas coming to Europe soon
- •Gas and power prices in sharp weekly decline, market finding a floor
- •One nuclear power station unit offline after a steam pipe fault
- •French nuclear plants may have to cut output as river water gets too warm in summer heat
- •Energy price cap rising 13% in July — wholesale gas costs passed through to bills
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.