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Energy Market Briefing

Wednesday 11 November 2026 · Generated 10:00 GMT · Past 24 hours

Brent settled at its lowest since August on Tuesday after Washington said major combat in Iran was not needed, yet tankers were still hit near Hormuz. At the 10 November close UK gas and power split, with the nearest winter months firming while Summer 2027 and the later seasons eased.

UK Gas•

NBP Dec-26 up 3.0%, Sum-27 down 0.2% at the close

UK Power•

Dec-26 up 3.9%, Sum-27 down 0.3% at the close

EU Storage▼

72.0% full, 18.7pp under the 5yr norm

Market bias

Balanced, two-way riskSofter · Firmer

Softer oil and peace hopes weigh on later seasons, while Hormuz attacks and low EU stocks hold up this winter.

UK gas Sum-27

5.23p/kWh

-0.2% day-on-day

UK power Sum-27

11.98p/kWh

-0.3% day-on-day

EU gas storage

72.0% full

18.7pp below 5yr norm

TTF prompt

85.02EUR/MWh

+3.2% on the day

Brent crude

91.49$/bbl

-1.2%, lowest settle since August

Today's headlines

1 · GEOPOLITICS
Oil settled at its lowest since August after the US said major combat in Iran was not needed, though tankers were still hit near Hormuz.
Oil at an 11-week low
Brent settled at $91.49/bbl on Tuesday 10 November, down 1.2% and its lowest settlement since August, after briefly trading below $90 for the first time since late August. It was about 1% firmer early on Wednesday at around $92.5.
Washington cools on combat
After a G7 meeting in Paris on Tuesday, US Secretary of State Marco Rubio said the economic pressure on Iran meant there was no need for major combat operations, while warning the military stands ready if Iran crosses red lines. No US-Iran deal has been agreed and Iran still wants the naval blockade and sanctions eased first.
Shipping attacks continue
UK Maritime Trade Operations reported a tanker hit by a projectile off Oman's northeast coast on 10 November, and Iran's army said another tanker struck a mine in the eastern Strait of Hormuz overnight. Reports suggest Gulf crude shipments have nonetheless recovered close to pre-war levels, which is what has pulled oil lower.
Macro backdrop
US October inflation came in above forecast on Tuesday, and futures now price a Federal Reserve rate rise in December, a further weight on oil demand expectations.
2 · GAS AND POWER
UK gas and power split at the 10 November close: the coming winter months rose while next summer and later seasons eased.
Near winter firmer
At the 10 November close UK gas for December 2026 rose 3.0% to about 7.21 p/kWh and UK power for December rose 3.9% to about 17.41 p/kWh, tracking a 3.2% rise in EU TTF front month to 85.02 EUR/MWh.
Forward seasons softer
Further out the curve eased. UK gas Summer 2027 slipped 0.2% to 5.23 p/kWh and Winter 2027 fell 1.2% to 4.96 p/kWh, with Summer 2028 down 2.7%. UK power Summer 2027 eased 0.3% to 11.98 p/kWh and Winter 2027 0.6% to 11.83 p/kWh.
What the split says
Prices for the months ahead still carry the risk of disrupted Gulf supply and low EU stocks this winter, while the later seasons are leaning towards a settlement and softer oil.
3 · GENERATION
Gas again supplied over half of Britain's power this morning, with wind providing only about a tenth and imports from France helping.
Gas sets the price
At 09:40 GMT gas-fired plant supplied about 22.4 GW, around 54% of Britain's 41.1 GW demand, so UK power continues to follow UK gas closely.
Weak wind
Wind supplied about 4.2 GW, roughly 10% of demand, with nuclear at 5.1 GW and biomass at 3.3 GW.
Imports mixed
Britain drew about 2.5 GW from France and 0.9 GW from Norway but exported to Denmark, Belgium and the Netherlands, leaving net imports of about 1 GW.
EU storage drawing down
EU gas storage was 72.0% full on 9 November, 18.7 percentage points below its five-year norm of 90.7% for the date. Stocks fell by about 26 TWh over the previous seven days and are down from 74.9% on 28 October.

Forward curve & seasonal movesi

UK powerUK gas NBPmonthly forward, p/kWh · market close on 10 November 2026

10 Nov 2026

Season	Power	Δ	Gas	Δ
Sum-27	11.98	-0.33%	5.23	-0.18%
Win-27	11.83	-0.60%	4.96	-1.19%
Sum-28	7.44	-1.89%	2.98	-2.71%
Win-28	8.14	-0.97%	3.15	-2.57%
Sum-29	6.75	-0.66%	2.33	-1.42%
Win-29	7.35	-0.73%	2.64	-1.40%

Seasonal contracts in p/kWh, change is day on day, as of market close on 10 November 2026.

UK generation mixi

Gas (CCGT + OCGT)22.37 GW54.4%

Nuclear5.12 GW12.5%

Wind4.16 GW10.1%

Biomass3.32 GW8.1%

Solar1.07 GW2.6%

Interconnectors0.99 GW2.4%

Hydro + pumped0.73 GW1.8%

Other3.34 GW8.1%

As of 11 November 2026, 09:40 GMT. Tap a fuel or a slice to isolate it, tap again to reset.

EU gas storagei

Now

72.0%

5yr norm

90.7%

-18.7pp 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 9 November 2026.

Other commoditiesi

TTF▲+3.24%JKM▼-0.03%Brent▼-1.17%WTI▼-0.93%UK carbon▲+0.76%EU carbon▲+0.48%FTSE 100▼-0.29%GBPUSD▼-0.74%GBPEUR▼-0.23%Gold▼-2.61%TTF▲+3.24%JKM▼-0.03%Brent▼-1.17%WTI▼-0.93%UK carbon▲+0.76%EU carbon▲+0.48%FTSE 100▼-0.29%GBPUSD▼-0.74%GBPEUR▼-0.23%Gold▼-2.61%

Global gasiTTF▲+3.24%JKM▼-0.03%

OiliBrent▼-1.17%WTI▼-0.93%

CarboniUK carbon▲+0.76%EU carbon▲+0.48%

FTSE 100i▼-0.29%

ForexiGBPUSD▼-0.74%GBPEUR▼-0.23%

Goldi▼-2.61%

Past 6 months of daily closes. As of 10 November 2026. Change shown is the latest close against the previous close.