Energy Market Briefing

Wednesday 9 September 2026 · Generated 09:45 BST · Past 24 hours

Direct US-Iran strikes on tankers and a base in Jordan overnight have sharply escalated the Gulf conflict, driving UK gas and power up hard again as European gas pushes to a fresh multi-year high.

UK Gas▲

NBP Win-26 jumped over 3% on the day

UK Power▲

Power Win-26 up over 4%, tracking gas higher

EU Storage•

67.1% full, 18pp under the 5yr norm

Market bias

Firm, strong upside riskSofter · Firmer

Direct US-Iran military exchanges have sharply lifted supply-security risk.

UK gas Win-26

6.46p/kWh

+3.47% day-on-day

UK power Win-26

15.29p/kWh

+4.23% day-on-day

EU gas storage

67.1% full

18.0pp below 5yr norm

TTF prompt

75.31EUR/MWh

+2.0% on the day

Brent crude

99.68$/bbl

+1.8% on the day

Today's headlines

1 · GEOPOLITICS
The US and Iran traded direct strikes on tankers and a military base overnight, a sharp escalation that has further shut down Gulf shipping.
Tankers hit, one sunk
US Central Command said forces struck five Iranian-linked tankers on Tuesday, sinking one, in retaliation for Tehran's missile attacks on a US Navy warship. Four vessels were hit in the Gulf of Oman and a fifth near the Kharg Island oil terminal.
Iran strikes a US base in Jordan
Iran's Revolutionary Guard said it fired on a US-hosted military base in Jordan, with most of the missiles intercepted, and separately claimed strikes on two American vessels and eight oil tankers in the Strait of Hormuz.
Washington vows more strikes
Secretary of State Marco Rubio warned Tehran that the US will continue to hit Iranian oil tankers in response to any further attacks on its naval assets, as the tit-for-tat exchanges of the past week keep widening.
Hormuz still effectively shut
The strait has been largely closed to routine commercial shipping since the crisis began in late February, with transit volumes still running at a small fraction of normal levels.
2 · MARKETS
UK gas and power jumped again as the Gulf escalation pushed European gas to a fresh multi-year high.
UK gas and power extend gains
UK Winter-26 gas rose 3.47% to 6.46p/kWh and Winter-26 power gained 4.23% to 15.29p/kWh at the last close, both tracking the overnight escalation higher (Market Table, close 8 September).
European gas at a fresh multi-year high
TTF prompt gas traded around 75.31 EUR/MWh, up roughly 2% on the day and its highest level in more than three and a half years, as traders weigh further delays to Qatari supply.
Oil testing the $100 mark
Brent crude traded near 99.68 $/bbl, up around 1.8% on the day, after US strikes on Iranian tankers near Kharg Island reignited fears over Gulf supply.
Inflation risk back in view
The renewed energy spike is feeding through to inflation expectations ahead of Friday's US CPI print and the Federal Reserve's meeting next week.
3 · SUPPLY
Qatar sent its first LNG cargo through the Strait of Hormuz in weeks, a tentative sign exports may slowly resume.
First Qatari LNG cargo through Hormuz in weeks
The tanker Al Marrouna crossed the Strait of Hormuz and Gulf of Oman on Tuesday, its first transit in weeks, a tentative sign Qatar may be testing the route again.
Exports still a fraction of normal
Qatar shipped just 18 LNG cargoes in the first six months of the war against 509 a year earlier, a fall of around 96%, with QatarEnergy still citing force majeure on some deliveries into November.
More carriers repositioning
Several empty Qatari LNG tankers have been heading back toward the Gulf, a sign the supplier may be preparing for a wider resumption of exports if conditions allow.

Forward curve & seasonal movesi

UK powerUK gas NBPmonthly forward, p/kWh · market close on 8 September 2026

8 Sep 2026

Season	Power	Δ	Gas	Δ
Win-26	15.29	+4.23%	6.46	+3.47%
Sum-27	10.19	+2.37%	4.32	+3.00%
Win-27	10.31	+2.17%	4.15	+2.71%
Sum-28	7.05	+0.83%	2.69	-0.01%
Win-28	7.96	+0.96%	2.93	-0.44%
Sum-29	6.60	+0.79%	2.25	-1.07%

Seasonal contracts in p/kWh, change is day on day, as of market close on 8 September 2026.

UK generation mixi

Wind11.03 GW33.5%

Solar5.19 GW15.8%

Interconnectors5.13 GW15.6%

Nuclear3.50 GW10.6%

Biomass3.10 GW9.4%

Gas (CCGT + OCGT)2.24 GW6.8%

Hydro + pumped0.84 GW2.5%

Other1.86 GW5.7%

As of 9 September 2026, 09:40 BST. Tap a fuel or a slice to isolate it, tap again to reset.

EU gas storagei

Now

67.1%

5yr norm

85.1%

-18.0pp vs 5yr normDashed line: 90% winter target

Winter 2026/27 target is 90% of capacity by 1 December, with Commission flexibility down to 80%. As of 7 September 2026.

Other commoditiesi

TTF▲+6.17%JKM▲+1.50%Brent▲+1.70%WTI▲+1.69%UK carbon▲+1.99%EU carbon▲+1.49%FTSE 100▼-0.18%GBPUSD▲+0.12%GBPEUR▲+0.09%Gold▼-1.66%TTF▲+6.17%JKM▲+1.50%Brent▲+1.70%WTI▲+1.69%UK carbon▲+1.99%EU carbon▲+1.49%FTSE 100▼-0.18%GBPUSD▲+0.12%GBPEUR▲+0.09%Gold▼-1.66%

Global gasiTTF▲+6.17%JKM▲+1.50%

OiliBrent▲+1.70%WTI▲+1.69%

CarboniUK carbon▲+1.99%EU carbon▲+1.49%

FTSE 100i▼-0.18%

ForexiGBPUSD▲+0.12%GBPEUR▲+0.09%

Goldi▼-1.66%

Past 6 months of daily closes. As of 8 September 2026. Change shown is the latest close against the previous close.