18th May 2026
The curve firmed across the week, with the front end leading sharply and longerdated contracts edging up more modestly. The near term firmed hardest as USIran negotiations deadlocked, with Trump rejecting Iran’s response to US
proposals as unacceptable and the Strait of Hormuz remaining largely
inaccessible despite limited vessel transits.
Cold temperatures across Europe kept heating demand elevated well into May,
renewable output stayed below seasonal norms and gas-fired generation did the
heavy lifting, while Asian buyers competing for flexible LNG cargoes pulled
European hub prices higher. Slower US LNG feedgas recovery and potential strike
action at Woodside’s Australian facilities added further supply concern.
Longer-dated gains were smaller, capped by softer EU carbon and forecasts for
stronger wind from next week. Temperatures are forecast well above seasonal
norms by the end of next week, which should ease heating demand, but the
geopolitical picture remains unresolved and prices stay well above pre-conflict
levels.

wp-moneysavingenergycouk

See Full Bio