Thursday, 9 July 2026
Gas surges 5%+ on Hormuz attack & NW Europe heatwave; UK spot at £104.73
Prices rising sharply2027 wholesale: £84.48/MWh
Energy prices are noticeably higher than normal right now, mainly because fighting in the Middle East has disrupted the ships that carry gas to Europe, and a hot spell across Europe means more electricity is being used for cooling — leaving gas stores lower than usual for this time of year. Prices are likely to stay elevated over the next one to two weeks unless the weather cools quickly or the shipping situation calms down.
What's affecting prices
- •Middle East shipping attack disrupting gas supplies from Qatar
- •Third heatwave of 2026 driving high electricity demand across Europe
- •Europe's gas stores are much lower than this time last year
- •Less wind than normal across the UK this week
- •Norwegian gas pipeline maintenance running longer than planned
Wholesale pricing based on ICE forward settlements; non-commodity charges from NESO, LCCC, Ofgem and DNO publications. Indicative only — not financial advice.