2nd February 2026
Over the past week, UK wholesale energy prices were
mixed, with gas edging higher while power softened
slightly, reflecting a cautious but reactive market. The
uplift in gas was driven by short-term supply and
weather risk, including LNG uncertainty and ongoing
trader repositioning, while electricity prices were
tempered by periods of stronger renewable output.
Overall volatility remained concentrated in near-term
contracts, with the forward curve comparatively stable,
indicating recent movements as short-term and tactical
rather than a shift in underlying fundamentals.

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