Energy Market Briefing

Friday 13 November 2026 · Generated 10:00 GMT · Past 24 hours

Oil climbed back towards $96 after President Trump said the US does not need a deal with Iran and will keep its naval blockade, while unplanned outages at Norway's Troll and Åsgard fields pushed European gas to a two-week high. At the 11 November close UK power rose across every season shown and UK gas rose on all but the two 2029 seasons, led by summer and winter 2027.

UK Gas▲
NBP Sum-27 +3.4% at the 11 Nov close
UK Power▲
Sum-27 +3.2%, every season shown higher
EU Storage▼
71.2% full, 19.2pp below the 5yr norm
Market bias
Firm, upside riskSofter · Firmer
Tighter Norwegian supply, colder weather from 17 November and no end in sight to the Iran blockade all lean prices higher.
UK gas Sum-27
5.41p/kWh
+3.4% day-on-day
UK power Sum-27
12.37p/kWh
+3.2% day-on-day
EU gas storage
71.2% full
19.2pp below 5yr norm
TTF prompt
92.69EUR/MWh
+0.5% on 13 Nov, two-week high
Brent crude
95.82$/bbl
+3.3% at the 12 Nov settle

Today's headlines

1 · GEOPOLITICS
Oil jumped after President Trump said the US does not need a deal with Iran, keeping its naval blockade of Iranian trade in place.
No deal needed, says Washington
On 12 November President Trump posted that the US does not need a deal with Iran, pointing to its control of Iranian funds and the strait. Analysts read it as the naval blockade and sanctions staying in place, which dims hopes of a diplomatic end to the war.
Brent recovers part of its slide
Brent for January settled 3.3% higher at $95.82 a barrel on 12 November and was flat around $95.40 early on 13 November. It is still set for a second weekly fall of about 2.4% after a 16% drop the week before, with US crude stocks up 4.7 million barrels.
Attacks on shipping and Saudi infrastructure
Iran said tankers using what it calls an unauthorised route through the Strait of Hormuz were halted by explosions, which could not be independently verified. Yemen's Houthis said on 12 November they struck a pumping station on Saudi Arabia's East-West pipeline, a key route for exports bypassing Hormuz.
2 · SUPPLY
Unplanned outages at Norway's Troll and Åsgard gas fields cut pipeline supply, helping push European gas to a two-week high.
Norwegian outages
Unplanned outages at the Troll and Åsgard fields limited pipeline flows to Europe, with Norwegian deliveries on 11 November about 9% lower than a year earlier. No duration has been given.
European gas at a two-week high
The Dutch TTF benchmark traded at about EUR 92.69/MWh on 13 November, a two-week high, after briefly topping EUR 94 on Middle East tension, colder weather forecasts and the Norwegian supply problems.
Storage still drawing down
EU gas storage was 71.2% full on 11 November, down from a recent peak of 74.7% on 30 October and 28 TWh lower than a week earlier. That leaves it 19.2 percentage points below the five-year norm of 90.4% for the date, a thin buffer if the cold arrives.
3 · GAS AND POWER
UK power firmed across every season at the 11 November close and UK gas rose on all but the two 2029 seasons, with colder weather ahead.
UK power higher across the curve
At the 11 November close UK power Sum-27 rose 3.25% to 12.37 p/kWh and Win-27 rose 3.09% to 12.20 p/kWh, with every later season shown also higher.
UK gas firmer at the front
UK gas (NBP) Sum-27 rose 3.39% to 5.41 p/kWh and Win-27 3.11% to 5.11 p/kWh, while Sum-29 and Win-29 eased by about 0.2%.
Weather turns colder next week
Forecasts point to colder conditions across parts of Europe from 17 November, with further cold spells possible into early December. The Met Office expects the UK to be often windy and cold from Sunday, which should help wind output.
This morning's power mix
At 09:40 GMT on 13 November gas supplied about a quarter of Britain's power and wind just over a fifth, with imports covering around 17% of demand of 41.9 GW.

Forward curve & seasonal movesi

UK powerUK gas NBPmonthly forward, p/kWh · market close on 11 November 2026
0.05.811.617.423.3202720282029203020312032
11 Nov 2026
SeasonPowerΔGasΔ
Sum-2712.37+3.25%5.41+3.39%
Win-2712.20+3.09%5.11+3.11%
Sum-287.53+1.10%3.05+2.13%
Win-288.24+1.14%3.18+0.95%
Sum-296.82+0.96%2.33-0.17%
Win-297.40+0.74%2.63-0.19%
Seasonal contracts in p/kWh, change is day on day, as of market close on 11 November 2026.

UK generation mixi

41.9GW demand
Gas (CCGT + OCGT)10.32 GW24.6%
Wind8.98 GW21.4%
Interconnectors7.06 GW16.9%
Nuclear5.13 GW12.3%
Solar4.29 GW10.2%
Biomass3.05 GW7.3%
Hydro + pumped0.75 GW1.8%
Other2.29 GW5.5%
As of 13 November 2026, 09:40 GMT. Tap a fuel or a slice to isolate it, tap again to reset.

EU gas storagei

Now
71.2%
5yr norm
90.4%
-19.2pp 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 11 November 2026.

Other commoditiesi

TTF▲+2.27%JKM▼-0.03%Brent▲+1.39%WTI▲+0.57%UK carbon▲+1.67%EU carbon▲+1.67%FTSE 100▲+0.78%GBPUSD▼-0.46%GBPEUR▲+0.15%Gold▼-1.08%TTF▲+2.27%JKM▼-0.03%Brent▲+1.39%WTI▲+0.57%UK carbon▲+1.67%EU carbon▲+1.67%FTSE 100▲+0.78%GBPUSD▼-0.46%GBPEUR▲+0.15%Gold▼-1.08%
Global gasiTTF▲+2.27%JKM▼-0.03%
406080100120TTF (€/MWh)1520253035JKM ($/MMBtu)Jun 26Aug 26Oct 26
OiliBrent▲+1.39%WTI▲+0.57%
708090100110120Brent ($/bbl)60708090100110WTI ($/bbl)Jun 26Aug 26Oct 26
CarboniUK carbon▲+1.67%EU carbon▲+1.67%
455055606570UK carbon (£/t)707580859095EU carbon (€/t)Jun 26Aug 26Oct 26
FTSE 100i▲+0.78%
10,00010,20010,40010,60010,80011,000FTSE 100 (£)Jun 26Aug 26Oct 26
ForexiGBPUSD▼-0.46%GBPEUR▲+0.15%
1.311.321.331.341.351.361.37GBPUSD1.141.161.181.20GBPEURJun 26Aug 26Oct 26
Goldi▼-1.08%
3,8004,0004,2004,4004,6004,800Gold ($/oz)Jun 26Aug 26Oct 26
Past 6 months of daily closes. As of 11 November 2026. Change shown is the latest close against the previous close.