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Energy Market Briefing

Tuesday 10 November 2026 · Generated 09:45 GMT · Past 24 hours

Oil fell sharply on Monday 9 November after Trump said he would hold off on new strikes on Iran for now, even though ships were still reported hit near the Strait of Hormuz. UK gas and power eased with it at the 9 November close. Gas is still setting the price, supplying nearly 59% of Britain's power this morning with wind weak.

UK Gas▼

NBP Sum-27 down 2.7% at the 9 Nov close

UK Power▼

Sum-27 down 2.3% as gas eased

EU Storage▼

72.4% full, 18.4pp under norm, falling

Market bias

Softer, oil-led reliefSofter · Firmer

Easing US-Iran tension pulled oil and gas lower, but the Hormuz blockade is still in place and shipping attacks continue.

UK gas Sum-27

5.24p/kWh

-2.7% day-on-day

UK power Sum-27

12.02p/kWh

-2.3% day-on-day

EU gas storage

72.4% full

18.4pp below 5yr norm

TTF prompt

82.35EUR/MWh

-3.6% at the 9 Nov close

Brent crude

92.57$/bbl

-5.9% at the 9 Nov close

Today's headlines

1 · GEOPOLITICS
Oil slid after Trump said he would hold off on new strikes on Iran, though ships were still reported hit near Hormuz.
Trump holds off on new strikes
Trump said on Monday 9 November that he would hold off on new strikes on Iran for the time being, after appeals from regional countries, and that more military action was not needed at this point. Qatar's prime minister held talks at the White House the same day.
Oil falls below $90 on Tuesday
The Market Data close for Brent on 9 November was $92.57 a barrel, down 5.9% on the 6 November close of $98.32. Press reports on Tuesday 10 November put Brent below $90 for the first time since August, still about 22% under the six-month high of $118 touched on 30 October.
Ships still being hit, blockade stays
Attacks on vessels in and near the Strait of Hormuz were still being reported over the weekend, and Trump said the naval blockade stays in place for now. No agreement has been signed, so the move reflects eased fears of escalation rather than a settled outcome.
Supply side
A Reuters survey reported by the Irish Times shows OPEC output rose in October, led by Saudi Arabia, Kuwait and Iraq, though export constraints remain.
2 · GAS AND POWER
UK gas and power prices fell at Monday's close, following oil lower, with the later winters and summers easing too.
UK gas and power at the 9 November close
UK gas for Sum-27 closed at 5.24 p/kWh, down 2.7% on the day, and UK power for Sum-27 at 12.02 p/kWh, down 2.3%. Winter 2027 fell 2.6% for gas at 5.02 p/kWh and 1.6% for power at 11.90 p/kWh.
Further out the curve
Later seasons eased by less. UK gas for Sum-29 was 2.37 p/kWh, down 1.6%, and UK power for Sum-29 was 6.80 p/kWh, down 0.2%.
TTF followed oil
EU TTF gas closed at 82.35 EUR/MWh on 9 November, down 3.6% from 85.45 EUR/MWh on 6 November. TTF is background for UK readers, but it moved with the same easing in Iran tension.
Carbon
UK carbon rose to 65.55 and EU carbon to 87.56 EUR/tonne at the 9 November close, a small rebound from 6 November.
3 · GENERATION
Gas supplied nearly 59% of Britain's power this morning while wind supplied under 7%, leaving the system leaning on gas.
Gas carrying the system
At 09:40 GMT on 10 November gas (CCGT plus OCGT) supplied about 24.7 GW, 58.6% of 42.1 GW demand. Nuclear gave 5.1 GW and biomass 3.3 GW, with solar an estimated 1.6 GW.
Wind is weak
Metered wind supplied 2.9 GW, 6.8% of demand, so there is little to offset gas when demand is this high. GridWatch warned its Elexon feed was down and its solar estimate may be overstated, so treat the mix as indicative.
Interconnectors
Britain was importing from Norway and France (about 2.4 GW combined) while exporting to the Netherlands, Belgium and Denmark, leaving the interconnectors net exporting by about 0.6 GW.
EU gas storage keeps falling
EU storage was 72.4% full on 8 November, against a five-year norm of 90.8% for that date. It has fallen about 25 TWh over seven days from 844.4 TWh on 1 November to 819.5 TWh, and from a recent peak of 849.1 TWh on 27 October, which keeps the winter buffer thinner than usual.

Forward curve & seasonal movesi

UK powerUK gas NBPmonthly forward, p/kWh · market close on 9 November 2026

9 Nov 2026

Season	Power	Δ	Gas	Δ
Sum-27	12.02	-2.30%	5.24	-2.74%
Win-27	11.90	-1.60%	5.02	-2.64%
Sum-28	7.59	-0.84%	3.07	-2.83%
Win-28	8.22	-2.09%	3.23	-2.65%
Sum-29	6.80	-0.16%	2.37	-1.58%
Win-29	7.40	-0.75%	2.67	-1.28%

Seasonal contracts in p/kWh, change is day on day, as of market close on 9 November 2026.

UK generation mixi

Gas (CCGT + OCGT)24.68 GW58.6%

Nuclear5.12 GW12.2%

Biomass3.25 GW7.7%

Wind2.88 GW6.8%

Interconnectors2.42 GW5.7%

Solar1.60 GW3.8%

Hydro + pumped0.69 GW1.6%

Other1.46 GW3.5%

As of 10 November 2026, 09:40 GMT. Tap a fuel or a slice to isolate it, tap again to reset.

EU gas storagei

Now

72.4%

5yr norm

90.8%

-18.4pp 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 8 November 2026.

Other commoditiesi

TTF▼-3.63%JKM▼-0.46%Brent▼-5.85%WTI▼-4.38%UK carbon▲+1.45%EU carbon▲+1.27%FTSE 100▲+1.02%GBPUSD▲+0.68%GBPEUR▼-0.07%Gold▲+1.81%TTF▼-3.63%JKM▼-0.46%Brent▼-5.85%WTI▼-4.38%UK carbon▲+1.45%EU carbon▲+1.27%FTSE 100▲+1.02%GBPUSD▲+0.68%GBPEUR▼-0.07%Gold▲+1.81%

Global gasiTTF▼-3.63%JKM▼-0.46%

OiliBrent▼-5.85%WTI▼-4.38%

CarboniUK carbon▲+1.45%EU carbon▲+1.27%

FTSE 100i▲+1.02%

ForexiGBPUSD▲+0.68%GBPEUR▼-0.07%

Goldi▲+1.81%

Past 6 months of daily closes. As of 9 November 2026. Change shown is the latest close against the previous close.