Smart Energy Insights
Energy Insights
Thomas McGlynn • 9 November 2026

Weekly Energy Market Report: 2nd - 6th November 2026

SMART ENERGY
Weekly Energy Briefing · UK
Week of 2 Nov – 6 Nov 2026
Latest settlement: 5 November 2026
Weekly review · Week 45 · 2 Nov – 6 Nov 2026

The week in review: gas eased 3.7%, power eased 1.4%

A day-by-day recap of how UK gas and electricity moved across the trading week of 2 Nov – 6 Nov 2026, and where that leaves businesses approaching renewal.

This week vs last Both eased on the week
Bigger picture Still high over the six months held
Key risk Norwegian production outages persist
The week in review

How the week actually moved

Not one day's snapshot — the whole week, day by day. Each line traces the front-month close from Monday to Friday, so you see the shape of the week, not just where it ended.

Week of 2 Nov – 6 Nov 2026
Natural gas
The week in 5 days · p/therm
↓ 3.72%
vs last week
257.60 224.92 Mon Tue Wed Thu Fri
eased early, rose into Friday · -12.7% Mon→Fri
Week avg 232.40 Week low 218.40 Week high 257.60
low 96.52 Fri close · today ● 257.60 high
Electricity
The week in 5 days · £/MWh
↓ 1.43%
vs last week
196.93 181.34 Mon Tue Wed Thu Fri
eased early, rose into Friday · -7.9% Mon→Fri
Week avg 182.55 Week low 175.82 Week high 196.93
low 90.16 Fri close · today ● 198.54 high
What matters

One week rarely changes a renewal decision

The shape: a week that fell then bounced tells you more than the net number.
Wider view: the 6-month charts below show whether this week is a blip or a trend.
For buyers: a good week doesn't reset your deadline — your contract end date still drives urgency.
Biggest move of the week Sum-28 gas ↓ 13.65% — the largest week-on-week 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

Us-iran diplomatic shift

Following US midterm elections, sentiment shifted sharply towards diplomatic engagement with Iran rather than military escalation. Reports of a draft memorandum of understanding and Iran's exemption of certain vessels from Strait of Hormuz restrictions eased the geopolitical risk premium that had been built into prices since late October. This unwinding drove the bulk of this week's selloff.

Risks that could push prices higher

Norwegian production outages persist

Unplanned outages at Oseberg (20 million cubic metres per day) and Asgard (7 million cubic metres per day) have restricted Norwegian pipeline flows throughout the week. These outages have provided a floor to prices despite the geopolitical selloff and continue to support the market.

European storage below seasonal average

EU gas storage is sitting at approximately 74% full, well below the five-year average for early November. This leaves the market more vulnerable to any supply disruption or sustained uptick in heating demand as winter deepens.

Below-average wind and cold weather

Wind generation forecasts remain subdued through the week, and temperatures across Northwest Europe are running below seasonal norms. Both factors increase reliance on gas-fired generation to meet electricity demand and lift heating demand for gas directly.

French nuclear availability weakening

EDF nuclear output fell 9% in October due to strikes and low river levels, and a 24-hour strike was flagged for early November. Reduced French nuclear capacity tightens the European power supply-demand balance and supports UK power prices through reduced import availability.

Strait of hormuz tanker incidents

Reports of vessel strikes by mines in the Strait of Hormuz have persisted throughout the week, keeping traders on edge despite the broader shift towards diplomatic optimism. These incidents remind the market that physical supply risk remains real.

6-month direction

Was this week a blip or a trend?

The week-on-week 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 (Dec-26) Next winter (Win-27) 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 (Dec-26) Next winter (Win-27) 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 easing. 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 months December 2026–February 2027
Dec 2026 Jan 2027 Feb 2027
Get live quotes now

Gas is down 7.9–9.8% this week and up 11.2–16.3% over 30 days; electricity down 6.1–8.4% this week, up 8.6–16.1% over 30 days.

Evidence confidence Medium

⚠ December leans on Cal-27 only, so it has less seasonal visibility.

Gas Near the top
Easing
This week Down 7.9–9.8% 30 days Up 11.2–16.3%
low 62.66 Cal-27 · today ● 199.37 high

Evidence: Cal-27, Feb-27, Q1-27, Sum-27, Win-27

Electricity Near the top
Easing
This week Down 6.1–8.4% 30 days Up 8.6–16.1%
low 65.12 Cal-27 · today ● 152.03 high

Evidence: Cal-27, Feb-27, Q1-27, Sum-27, Win-27

What this means

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 months March–May 2027
Mar 2027 Apr 2027 May 2027
Review and compare

Gas is down 9.2–13.6% this week and up 2.7–13.1% over 30 days; electricity down 6.6–10.2% this week, up 2.1–11.3% over 30 days.

Evidence confidence Medium
Gas Elevated to Near the top
Easing
This week Down 9.2–13.6% 30 days Up 2.7–13.1%
low 57.84 Sum-27 · today ● 184.45 high

Evidence: Sum-27, Win-27, Q2-27, Q3-27, Sum-28

Electricity Elevated to Near the top
Easing
This week Down 6.6–10.2% 30 days Up 2.1–11.3%
low 59.74 Sum-27 · today ● 137.44 high

Evidence: Sum-27, Win-27, Q2-27, Q3-27, Sum-28

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 months June–August 2027
Jun 2027 Jul 2027 Aug 2027
Prepare and monitor

Gas is down 9.3–13.6% this week and up 2.7–12.4% over 30 days; electricity down 6.6–10.2% this week, up 2.1–11.3% over 30 days.

Evidence confidence Medium
Gas Elevated to Near the top
Easing
This week Down 9.3–13.6% 30 days Up 2.7–12.4%
low 65.81 Win-27 · today ● 174.50 high

Evidence: Q3-27, Win-27, Sum-28

Electricity Elevated
Easing
This week Down 6.6–10.2% 30 days Up 2.1–11.3%
low 74.51 Win-27 · today ● 136.63 high

Evidence: Q3-27, Win-27, Sum-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 months September–November 2027
Sep 2027 Oct 2027 Nov 2027
Plan ahead and watch

Gas is down 9.8–13.6% this week and up 0.7–11.2% over 30 days; electricity down 8.4–10.2% this week, up 2.1–8.6% over 30 days.

Evidence confidence Medium
Gas Elevated to Near the top
Easing
This week Down 9.8–13.6% 30 days Up 0.7–11.2%
low 65.81 Win-27 · today ● 174.50 high

Evidence: Win-27, Sum-28, Win-28

Electricity Elevated
Easing
This week Down 8.4–10.2% 30 days Up 2.1–8.6%
low 74.51 Win-27 · today ● 136.63 high

Evidence: Win-27, Sum-28, 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

Diplomatic agreement between US and Iran holds; Norwegian outages resolve on schedule; mild weather arrives earlier than forecast; wind generation recovers. Any of these would allow prices to ease further, though low storage and winter demand would likely cap the fall.

If prices rise again

Low storage leaves little cushion

Geopolitical talks collapse or US military action resumes; tanker incidents escalate or a major supply outage (LNG terminal, pipeline) occurs. Either would reignite the risk premium and push prices back towards last week's highs within days.

Fixing buys budget certainty. It does not prove that a business has predicted the market correctly.

Market in numbers

The wholesale forward curve

Where the week ended across every contract — kept for readers who want the detail.

Open gas and electricity forward tables
Monthly, quarterly, seasonal and annual contracts · week-ending close
View data ⌄

Gas

p/therm
Contract Price Day Week 30d
Dec-26 month 224.92 ↑ 2.98% ↓ 7.52% ↑ 17.46%
Jan-27 month 226.23 ↑ 2.95% ↓ 7.45% ↑ 17.14%
Feb-27 month 223.98 ↑ 2.83% — —
Q1-27 quarter 219.69 ↑ 2.89% ↓ 7.87% ↑ 16.29%
Q2-27 quarter 167.02 ↑ 4.10% ↓ 9.20% ↑ 13.13%
Q3-27 quarter 154.71 ↑ 4.32% ↓ 9.28% ↑ 12.39%
Sum-27 season 160.83 ↑ 4.21% ↓ 9.24% ↑ 12.78%
Win-27 season 152.90 ↑ 3.02% ↓ 9.81% ↑ 11.20%
Sum-28 season 92.76 ↑ 3.15% ↓ 13.65% ↑ 2.68%
Win-28 season 97.33 ↑ 1.43% ↓ 12.25% ↑ 0.73%
Cal-27 calendar 174.09 ↑ 3.74% ↓ 8.82% ↑ 13.70%
Cal-28 calendar 108.04 ↑ 2.45% ↓ 12.20% ↑ 4.96%
Cal-29 calendar 79.09 ↑ 0.14% ↓ 13.49% ↓ 3.19%

Electricity

£/MWh
Contract Price Day Week 30d
Dec-26 month 181.34 ↑ 3.14% ↓ 3.12% ↑ 19.73%
Jan-27 month 191.66 ↑ 2.19% ↓ 5.17% ↑ 16.94%
Feb-27 month 187.05 ↑ 2.19% — —
Q1-27 quarter 180.19 ↑ 2.17% ↓ 6.10% ↑ 16.08%
Q2-27 quarter 128.44 ↑ 2.37% ↓ 7.10% ↑ 10.72%
Q3-27 quarter 120.22 ↑ 2.84% ↓ 6.65% ↑ 11.27%
Sum-27 season 124.31 ↑ 2.60% ↓ 6.88% ↑ 10.99%
Win-27 season 122.67 ↑ 2.23% ↓ 8.41% ↑ 8.56%
Sum-28 season 77.83 ↑ 0.82% ↓ 10.18% ↑ 2.07%
Cal-27 calendar 137.33 ↑ 2.36% ↓ 6.70% ↑ 12.13%
Cal-28 calendar 91.30 ↑ 1.25% ↓ 9.42% ↑ 3.74%
Cal-29 calendar 74.90 ↓ 0.20% ↓ 7.59% ↓ 1.49%
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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Source: SEFE Energy daily reports across the week of 2 Nov – 6 Nov 2026. Week figures are the average of each day's front-month close; the "vs last week" move compares this week's average with the previous week's. Analysis, positions and confidence are produced independently by The Smart Energy Company.
History basis: 210 distinct business-day reports from 5 January 2026 to 6 November 2026.
Important: General market information, not a forecast or a recommendation to enter a particular contract. Actual supplier pricing depends on usage profile, network costs, levies, losses, credit and margin.