Bigger picture
Still high over the six months held
Key risk
Strait of hormuz tensions persist
The month in review
How the month actually moved
Not one day's snapshot — the whole month, week by week. Each point is the front-month's average for that week, so you see the shape
of the month, not just where it ended.
Month of August 2026
Natural gas
The month in weeks · p/therm
↑ 16.49%
vs last month
rose through the month · +19.6% across the month
Month avg
150.77 Month low
128.04 Month high
168.20
low 78.57Month close · today ●168.20 high
Electricity
The month in weeks · £/MWh
↑ 11.23%
vs last month
rose through the month · +12.4% across the month
Month avg
123.00 Month low
110.33 Month high
133.10
low 71.97Month close · today ●133.10 high
What matters
One month rarely changes a renewal decision
The shape:
a month that fell then bounced tells you more than the net number.
Wider view:
the 6-month charts below show whether this month is part of a longer trend.
For buyers:
a good month doesn't reset your deadline — your contract end date still drives urgency.
Biggest move of the monthQ1-27
gas ↑ 22.57%
— the largest 30-day swing across every contract we track.
Why prices moved
Forces pulling prices in both directions
A balanced view is more useful than a single prediction. These are the main influences in the latest report.
Pressure pulling prices lower
Wind and solar offered relief
Renewable generation — particularly wind — has been volatile but generally supportive through August. Strong wind output in late August eased gas-for-power demand and provided downward pressure on power prices on several occasions. Solar output has remained around seasonal norms, adding to the generation mix.
Risks that could push prices higher
Strait of hormuz tensions persist
Geopolitical tension over the Strait of Hormuz has been the dominant driver all month. The US-Iran interim ceasefire expired on 17 August without resolution, and negotiations have stalled repeatedly. By month-end, Iran and Oman have agreed a framework for a temporary navigational corridor, but the outlook remains uncertain. Shipping traffic through the strait has been severely constrained, delaying Qatari LNG deliveries and keeping a risk premium in the market.
European storage at seasonal lows
European gas storage ended August at 63.3% full — among the lowest levels for this time of year in over a decade, roughly 9–10 percentage points below the five-year average. Germany sits at 50.7% and the Netherlands at 43.9%, lagging furthest behind. The EU has relaxed its mandatory fill target for 1 November from 90% to 80%, a tacit admission that winter preparation is running behind.
Norwegian maintenance ramps up
Norwegian gas production has faced repeated disruptions through August, with unplanned outages at Kårstø, Gullfaks, Asgard and Troll removing capacity on multiple occasions. The Ormen Lange field remains partially offline until February 2027, removing 8.9 mcm/d of supply. Planned maintenance is now ramping up significantly in September, with offline capacity expected to climb from 25 mcm/d in late August to 70–75 mcm/d, with some days exceeding 100 mcm/d.
Heatwaves drove power demand
Multiple heatwaves across the UK and continental Europe in August pushed temperatures 7–10°C above seasonal norms, driving cooling demand and gas-fired power generation. France saw nuclear capacity constrained by heat-related shutdowns and low river temperatures affecting cooling. The Danube hit record lows, forcing Romania to shut its 1.4 GW Cernavoda nuclear plant and constraining generation across Central Europe.
Qatar lng force majeure extended
QatarEnergy extended its force majeure declaration through October on 28 August, deepening concerns about near-term LNG availability. Combined with constrained traffic through the Strait of Hormuz, this removes a key source of supply relief that Europe was counting on to rebuild storage before winter.
6-month direction
Was this month a blip or a trend?
The month-on-month number tells you the direction; these 6-month lines tell you whether it's part of a bigger move. Each tracks a rolling maturity — the near-term price, the next winter and the year ahead — so nothing breaks as contracts roll off. Hover for the value on any day.
Gas forward prices
Rolling maturities · p/therm
Near-term (Sep-26)
Next winter (Win-26)
Year ahead (Cal-27)
Each line is a rolling maturity — the near-term line always follows the current front month, so it never breaks as contracts roll off.
Power forward prices
Rolling maturities · £/MWh
Near-term (Sep-26)
Next winter (Win-26)
Year ahead (Cal-27)
Power tends to track gas; the chart shows how far the recent move has carried.
Your renewal window
Guidance grouped by how soon your contract ends
Timing urgency comes from your deadline; the market view comes from the forward contracts covering each renewal's supply period. Open your band for separate gas and electricity evidence.
Timing and value are different.
Wholesale prices are currently rising. If your contract ends within three months, still get live quotes now — your decision window is shortening. Later renewals have more time to monitor the market.
1–3 monthsSeptember–November 2026
Sep 2026Oct 2026Nov 2026
Get live quotes now
Gas is up 2.5–4.2% this week and up 13.6–22.6% over 30 days; electricity up 2.4–3.8% this week, up 8–17.4% over 30 days.
Your deadline creates the urgency. Use the current move to compare live supplier quotes now, but don't treat one falling day as proof the market has reached its bottom.
4–6 monthsDecember 2026–February 2027
Dec 2026Jan 2027Feb 2027
Review and compare
Gas is up 2.5–4.2% this week and up 13.6–22.6% over 30 days; electricity up 2.4–4.6% this week, up 8–17.4% over 30 days.
⌄
Evidence confidenceMedium
⚠ December leans on Cal-27 only, so it has less seasonal visibility.
GasNear the top
Rising
This week
Up 2.5–4.2% 30 days
Up 13.6–22.6%
low 62.66Cal-27 · today ●122.74 high
Evidence:
Cal-27, Q1-27, Sum-27, Win-27
ElectricityNear the top
Rising
This week
Up 2.4–4.6% 30 days
Up 8–17.4%
low 65.12Cal-27 · today ●103.90 high
Evidence:
Cal-27, Q1-27, Sum-27, Win-27
What this means
Start reviewing the market and compare 12-, 24- and 36-month options. You have time for a considered decision, so weigh the certainty each term buys rather than chasing a perfect day.
7–9 monthsMarch–May 2027
Mar 2027Apr 2027May 2027
Prepare and monitor
Gas is up 1–4% this week and up 8.5–16.2% over 30 days; electricity up 0.3–4% this week, up 5.1–10.2% over 30 days.
⌄
Evidence confidenceMedium
GasNear the top
Rising
This week
Up 1–4% 30 days
Up 8.5–16.2%
low 57.84Sum-27 · today ●109.17 high
Evidence:
Sum-27, Win-27, Q2-27, Sum-28
ElectricityNear the top
Little changed
This week
Up 0.3–4% 30 days
Up 5.1–10.2%
low 59.74Sum-27 · today ●92.34 high
Evidence:
Sum-27, Win-27, Q2-27, Cal-28
What this means
Get usage and site details ready, monitor the relevant forward contracts and use indicative quotes to understand the range. No need to force a decision while visibility is adequate.
10–12 monthsJune–August 2027
Jun 2027Jul 2027Aug 2027
Plan ahead and watch
Gas is up 1–3.8% this week and up 8.5–16.2% over 30 days; electricity up 0.3–3.8% this week, up 5.1–9.3% over 30 days.
⌄
Evidence confidenceMedium
GasNear the top
Rising
This week
Up 1–3.8% 30 days
Up 8.5–16.2%
low 65.81Win-27 · today ●105.59 high
Evidence:
Sum-27, Win-27, Sum-28
ElectricityNear the top
Little changed
This week
Up 0.3–3.8% 30 days
Up 5.1–9.3%
low 74.51Win-27 · today ●92.00 high
Evidence:
Sum-27, Win-27, Cal-28
What this means
Plan your procurement timetable and stay informed. Far-dated products can hide seasonal detail, so a firm buy-or-wait instruction would be false precision at this stage.
The honest read
Gas and power are not moving together. That makes any single read of the market less reliable.
And wholesale is only part of a quote — non-energy charges, credit, volume and shape all move the final rate. The practical decision is how much further movement your business can tolerate before its contract deadline.
If prices ease further
Wind, milder weather and diplomacy help
If the Iran-Oman framework holds and shipping normalises through the strait, Qatari LNG could flow more freely into Europe. Combined with the end of the summer heatwave and cooler autumn weather reducing demand, prices could ease back — particularly in the far-dated contracts where the market is pricing in winter tightness that may not materialise if supply improves.
If prices rise again
Low storage leaves little cushion
If diplomatic talks over the Strait of Hormuz break down further or military escalation resumes, prices could spike sharply. A sustained closure of the strait would remove significant LNG supply and push both gas and power materially higher, particularly in Europe where storage is already constrained.
Fixing buys budget certainty. It does not prove that a business has predicted the market correctly.
Where the month ended across every contract — kept for readers who want the detail.
Open gas and electricity forward tables Monthly, quarterly, seasonal and annual contracts · month-ending close
View data ⌄
Gas
p/therm
Contract
Price
Day
Week
30d
Sep-26
month
166.89
↑ 3.65%
↑ 3.51%
↑ 17.85%
Oct-26
month
168.49
↑ 3.84%
↑ 4.07%
↑ 18.91%
Nov-26
month
171.65
↑ 3.44%
↑ 4.08%
—
Q4-26
quarter
171.17
↑ 3.51%
↑ 4.01%
↑ 19.04%
Q1-27
quarter
167.32
↑ 3.37%
↑ 4.20%
↑ 22.57%
Q2-27
quarter
113.58
↑ 3.01%
↑ 4.00%
↑ 15.01%
Win-26
season
169.26
↑ 3.43%
↑ 4.10%
↑ 20.74%
Sum-27
season
109.17
↑ 2.99%
↑ 3.78%
↑ 16.19%
Win-27
season
105.59
↑ 2.76%
↑ 2.54%
↑ 13.57%
Sum-28
season
73.47
↑ 1.56%
↑ 1.00%
↑ 8.49%
Cal-27
calendar
122.74
↑ 3.08%
↑ 3.59%
↑ 16.01%
Cal-28
calendar
82.84
↑ 1.92%
↑ 1.63%
↑ 11.45%
Cal-29
calendar
69.21
↑ 1.32%
↑ 1.09%
↑ 6.07%
Electricity
£/MWh
Contract
Price
Day
Week
30d
Sep-26
month
133.10
↑ 2.88%
↑ 4.61%
↑ 11.46%
Oct-26
month
131.16
↑ 2.23%
↑ 2.74%
↑ 13.64%
Nov-26
month
141.68
↑ 1.92%
↑ 2.63%
—
Q4-26
quarter
138.00
↑ 2.02%
↑ 2.80%
↑ 13.32%
Q1-27
quarter
137.33
↑ 1.35%
↑ 3.64%
↑ 17.40%
Q2-27
quarter
94.79
↑ 4.23%
↑ 4.04%
↑ 10.18%
Win-26
season
137.67
↑ 1.69%
↑ 3.22%
↑ 15.29%
Sum-27
season
92.25
↑ 1.52%
↑ 3.84%
↑ 9.28%
Win-27
season
92.00
↑ 0.83%
↑ 2.36%
↑ 8.04%
Cal-27
calendar
103.77
↑ 1.32%
↑ 4.57%
↑ 12.20%
Cal-28
calendar
75.30
↑ 0.69%
↑ 0.32%
↑ 5.11%
Cal-29
calendar
69.21
↑ 0.95%
↑ 1.40%
↑ 3.47%
Fixed-term choices
Contract length is a risk decision, not a forecast
No term protects against every outcome. Weigh the certainty the business wants against how soon it is willing to return to the market.
12
months
More flexibility if markets fall, but the business returns to the market sooner.
Shorter budget certainty
Earlier exposure to the next renewal
Useful where flexibility matters most
24
months
A middle ground between price certainty and revisiting the market.
Two-year budgeting
Less frequent procurement
Still allows a medium-term review
36
months
Greater certainty, but a longer commitment if markets later fall.
Longest budget protection
Reduced exposure to near-term shocks
Higher opportunity cost if prices drop
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{"schema":"1.4","as_of":"2026-08-28","settlement_date":"2026-08-27","signal":{"action":"QUOTE NOW","colour":"red","reason":"Gas and power both rising week-on-week. Gas 3.2% w/w, power 3.0% w/w.","gasSignal":"PRICES RISING","powerSignal":"PRICES RISING"},"moves":{"daily":{"gas_pct":2.91,"power_pct":1.8},"weekly":{"gas_pct":3.2,"power_pct":3.01},"monthly":{"gas_pct":15.49,"power_pct":10.85}},"spot":{"gas_price":166.5,"gas_change_pct":null,"power_price":130.5,"power_change_pct":null},"reference":{"contract":"Sum-27","gas_price":109.17,"power_price":92.25,"gas_day_pct":2.991,"gas_week_pct":3.78,"gas_30d_pct":16.188,"power_day_pct":1.519,"power_week_pct":3.84,"power_30d_pct":9.275},"front_month":{"key":"sep26","label":"Sep-26","gas":{"price":166.89,"day_pct":3.646,"week_pct":3.51,"m30_pct":17.852,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":128.04,"high":168.2,"position":0.967},"net_pct":17.9},"power":{"price":133.1,"day_pct":2.883,"week_pct":4.61,"m30_pct":11.455,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":110.33,"high":133.1,"position":1},"net_pct":11.5}},"windows":[{"key":"sep26","label":"Sep-26","context":"In the next 1–3 months","horizon_rank":0,"is_front":true,"stance":"review","note":"Sep-26 gas and power are both at or within a whisker of the highest levels in the records we hold, having climbed 17.9% and 11.5% respectively over the month. Both contracts sit near the top of their 30-day range. Anyone renewing in the next 1–3 months is paying significantly more than they would have a month ago; if you are in this window, it is worth reviewing live options now to understand what you are locking in, rather than waiting and hoping for a dip that may not come.","gas":{"price":166.89,"day_pct":3.646,"week_pct":3.51,"m30_pct":17.852,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":128.04,"high":168.2,"position":0.967},"net_pct":17.9},"power":{"price":133.1,"day_pct":2.883,"week_pct":4.61,"m30_pct":11.455,"trend":"rising","streak":{"dir":"up","days":1},"range_30d":{"low":110.33,"high":133.1,"position":1},"net_pct":11.5}}],"spotlight":{"contract":"sep26","label":"Sep-26","fuel":"gas","metric":"30d","value":17.852,"dir":"up","trend":"rising","text":"Sep-26 gas has climbed 17.9% over August and is now at the highest level in the records we hold. The move has been broad and sustained, not a spike: the contract has risen steadily through the month as geopolitical tension and supply tightness have accumulated. For anyone renewing in the next few months, this is the price they are facing now — not a temporary spike, but a new market level driven by real supply constraints."},"narrative":{"headline":"August saw gas and power climb 18% and 12% — the cheaper window has closed","summary":"Both fuels rose steadily through the month as geopolitical tension over the Strait of Hormuz tightened supply, whilst European storage lagged behind seasonal targets heading into winter. Near-dated contracts are now at their highest levels in records we hold.","verdict":"Anyone renewing in the next three months is paying significantly more than they would have at the month's start; those with longer renewal dates should review the curve now rather than wait.","trend_read":{"gas":"Gas has kept climbing throughout August, rising 17.9% over the month and now sitting near its highest recorded level. The rise has been broad across the curve, with near-dated contracts moving harder (+4.2% this week) than far-dated ones (+2.1%), reflecting concentrated pressure in the immediate months ahead.","power":"Power has followed gas upward, climbing 11.5% over the month and reaching its highest recorded level for the front month. All twelve power contracts are higher week-on-week, and the move is broad, though the near curve has moved faster than the far curve as supply tightness bites hardest in the near term."},"scenario":{"upside":"If diplomatic talks over the Strait of Hormuz break down further or military escalation resumes, prices could spike sharply. A sustained closure of the strait would remove significant LNG supply and push both gas and power materially higher, particularly in Europe where storage is already constrained.","downside":"If the Iran-Oman framework holds and shipping normalises through the strait, Qatari LNG could flow more freely into Europe. Combined with the end of the summer heatwave and cooler autumn weather reducing demand, prices could ease back — particularly in the far-dated contracts where the market is pricing in winter tightness that may not materialise if supply improves."},"drivers":[{"title":"STRAIT OF HORMUZ TENSIONS PERSIST","body":"Geopolitical tension over the Strait of Hormuz has been the dominant driver all month. The US-Iran interim ceasefire expired on 17 August without resolution, and negotiations have stalled repeatedly. By month-end, Iran and Oman have agreed a framework for a temporary navigational corridor, but the outlook remains uncertain. Shipping traffic through the strait has been severely constrained, delaying Qatari LNG deliveries and keeping a risk premium in the market.","tone":"up","outlook":"mixed","soWhat":"This is the single biggest reason prices are where they are; any material shift in the diplomatic picture could move the market sharply, either way."},{"title":"EUROPEAN STORAGE AT SEASONAL LOWS","body":"European gas storage ended August at 63.3% full — among the lowest levels for this time of year in over a decade, roughly 9–10 percentage points below the five-year average. Germany sits at 50.7% and the Netherlands at 43.9%, lagging furthest behind. The EU has relaxed its mandatory fill target for 1 November from 90% to 80%, a tacit admission that winter preparation is running behind.","tone":"up","outlook":"sticks","soWhat":"Low storage heading into winter is a structural concern that will keep prices elevated until the picture improves materially — which requires sustained LNG inflows and mild weather."},{"title":"NORWEGIAN MAINTENANCE RAMPS UP","body":"Norwegian gas production has faced repeated disruptions through August, with unplanned outages at Kårstø, Gullfaks, Asgard and Troll removing capacity on multiple occasions. The Ormen Lange field remains partially offline until February 2027, removing 8.9 mcm/d of supply. Planned maintenance is now ramping up significantly in September, with offline capacity expected to climb from 25 mcm/d in late August to 70–75 mcm/d, with some days exceeding 100 mcm/d.","tone":"up","outlook":"sticks","soWhat":"Norwegian supply is a known tightness heading into autumn; this is not a surprise, but it is a material headwind that will persist for weeks."},{"title":"HEATWAVES DROVE POWER DEMAND","body":"Multiple heatwaves across the UK and continental Europe in August pushed temperatures 7–10°C above seasonal norms, driving cooling demand and gas-fired power generation. France saw nuclear capacity constrained by heat-related shutdowns and low river temperatures affecting cooling. The Danube hit record lows, forcing Romania to shut its 1.4 GW Cernavoda nuclear plant and constraining generation across Central Europe.","tone":"up","outlook":"fades","soWhat":"Heat is seasonal and temporary; relief is already arriving as August ends and temperatures normalise. This pressure will ease, but it has pushed prices higher in the near term."},{"title":"QATAR LNG FORCE MAJEURE EXTENDED","body":"QatarEnergy extended its force majeure declaration through October on 28 August, deepening concerns about near-term LNG availability. Combined with constrained traffic through the Strait of Hormuz, this removes a key source of supply relief that Europe was counting on to rebuild storage before winter.","tone":"up","outlook":"sticks","soWhat":"This is a material tightening of the supply picture and a key reason prices have climbed into month-end; it removes optionality that was supporting hopes of cheaper LNG inflows."},{"title":"WIND AND SOLAR OFFERED RELIEF","body":"Renewable generation — particularly wind — has been volatile but generally supportive through August. Strong wind output in late August eased gas-for-power demand and provided downward pressure on power prices on several occasions. 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