Smart Energy Insights
Energy Insights
Thomas McGlynn • 2 November 2026

Weekly Energy Market Report: 26th - 30th Oct 2026

SMART ENERGY
Weekly Energy Briefing · UK
Week of 26 Oct – 30 Oct 2026
Latest settlement: 29 October 2026
Weekly review · Week 44 · 26 Oct – 30 Oct 2026

The week in review: gas firmed 10.8%, power firmed 12.5%

A day-by-day recap of how UK gas and electricity moved across the trading week of 26 Oct – 30 Oct 2026, and where that leaves businesses approaching renewal.

This week vs last Both firmer on the week
Bigger picture Still high over the six months held
Key risk Persian gulf lng blockade persists
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 26 Oct – 30 Oct 2026
Natural gas
The week in 5 days · p/therm
↑ 10.78%
vs last week
230.84 241.65 Mon Tue Wed Thu Fri
rose early, eased into Friday · +4.7% Mon→Fri
Week avg 239.38 Week low 230.84 Week high 248.73
low 96.52 Fri close · today ● 248.73 high
Electricity
The week in 5 days · £/MWh
↑ 12.51%
vs last week
180.49 194.66 Mon Tue Wed Thu Fri
rose early, eased into Friday · +7.9% Mon→Fri
Week avg 190.98 Week low 180.49 Week high 198.54
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 Nov-26 electricity ↑ 11.65% — 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

Diplomatic signals ease escalation fears

Reports of renewed diplomatic contact between the US and Iran, and earlier talks in Tehran between senior officials from Saudi Arabia, Turkey, Pakistan and Iran, have provided temporary relief from escalation fears. This easing of geopolitical tension contributed to Thursday's modest retreat in both gas and power prices.

Bbl interconnector flow reversal complete

The BBL interconnector has completed its physical flow reversal towards Great Britain, providing vital import deliverability into the UK at a time when continental supply stress is acute. This is a positive signal for UK supply security, though it reflects the tightness of the broader European market.

Risks that could push prices higher

Persian gulf lng blockade persists

Liquefied natural gas flows through the Strait of Hormuz remain severely disrupted by recurring attacks on commercial shipping and Houthi strikes on regional infrastructure. QatarEnergy has formally extended its force majeure on Edison's 6.4 billion cubic metre per year contract through 30 December, bringing the total of missing cargoes to 38. This creates a structural import shortfall that has prompted the Dutch government to formally update its National Gas Crisis Plan.

Norwegian production offline

Unplanned outages across Norwegian sites — Karstø, Oseberg, Kollsnes, Sleipner, Troll, and Åsgard — have knocked 37–50 million cubic metres per day offline at a critical moment. These outages have tightened upstream pipeline deliverability precisely when European supply is most constrained and storage is at its lowest seasonal level since 2009.

Early winter cold snap forecast

Weather forecasters have raised the probability of a Sudden Stratospheric Warming event in mid to late November to 70%, which would be the earliest such occurrence on record. This development significantly increases the likelihood of an unusually early winter cold snap across Northern and Central Europe in late November and early December — precisely the period when European heating demand peaks.

European storage at multi-year lows

EU aggregate storage capacity stands at 74.89%, the lowest late-October level on record since 2009. Germany lags at 61.73%, the Netherlands at 65.61%, and the UK at just 40.57%, well below the continental average. Storage is now in net withdrawal as heating demand begins.

Renewable generation collapse imminent

An expansive high-pressure system has suppressed wind load factors across Northwest Europe to 3–6%, with German wind forecast to plunge below 3 GW, UK wind below 5 GW, and the Netherlands below 3 GW through early November. This Dunkelflaute pattern — weak winds combined with low daylight and fog — forces reliance on thermal generation at a time when gas is expensive and nuclear capacity is constrained.

French nuclear unavailability elevated

French nuclear capacity offline has been revised upward to an average of 15.1 GW for November — significantly above last year's 13.7 GW — whilst low Rhône river flows have prompted EDF to warn of potential generation restrictions at the Saint-Alban nuclear plant starting Sunday. This reduces available supply precisely when the system needs it most.

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 (Nov-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 (Nov-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 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 months November 2026–January 2027
Nov 2026 Dec 2026 Jan 2027
Get live quotes now

Gas is up 3.7–8.3% this week and up 36–38.4% over 30 days; electricity up 2.8–8.5% this week, up 27.7–31.5% over 30 days.

Evidence confidence Medium

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

Gas Near the top
Rising
This week Up 3.7–8.3% 30 days Up 36–38.4%
low 57.84 Sum-27 · today ● 181.66 high

Evidence: Dec-26, Q1-27, Sum-27, Win-27, Cal-27

Electricity Near the top
Rising
This week Up 2.8–8.5% 30 days Up 27.7–31.5%
low 59.74 Sum-27 · today ● 134.89 high

Evidence: Dec-26, Q1-27, Sum-27, Win-27, Cal-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 February–April 2027
Feb 2027 Mar 2027 Apr 2027
Review and compare

Gas is up 3.5–7.8% this week and up 31.4–38.4% over 30 days; electricity up 2.5–7.9% this week, up 27.7–31.5% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 3.5–7.8% 30 days Up 31.4–38.4%
low 57.84 Sum-27 · today ● 181.66 high

Evidence: Q1-27, Sum-27, Win-27, Q2-27, Q3-27, Sum-28

Electricity Near the top
Rising
This week Up 2.5–7.9% 30 days Up 27.7–31.5%
low 59.74 Sum-27 · today ● 134.89 high

Evidence: Q1-27, 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 May–July 2027
May 2027 Jun 2027 Jul 2027
Prepare and monitor

Gas is up 3.5–5.5% this week and up 31.4–37.9% over 30 days; electricity up 2.5–4.5% this week, up 27.7–30.9% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 3.5–5.5% 30 days Up 31.4–37.9%
low 65.81 Win-27 · today ● 172.12 high

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

Electricity Near the top
Rising
This week Up 2.5–4.5% 30 days Up 27.7–30.9%
low 74.51 Win-27 · today ● 134.46 high

Evidence: Q2-27, 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 August–October 2027
Aug 2027 Sep 2027 Oct 2027
Plan ahead and watch

Gas is up 3.5–5.5% this week and up 31.4–36.7% over 30 days; electricity up 2.5–4.5% this week, up 24–27.7% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 3.5–5.5% 30 days Up 31.4–36.7%
low 65.81 Win-27 · today ● 172.12 high

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

Electricity Near the top
Rising
This week Up 2.5–4.5% 30 days Up 24–27.7%
low 74.51 Win-27 · today ● 134.46 high

Evidence: Q3-27, 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

If diplomatic efforts between the US and Iran succeed in de-escalating tensions and the Strait of Hormuz reopens to normal traffic, liquefied natural gas flows could resume within weeks. Combined with milder weather or a delayed cold snap, this could ease the supply tightness and allow prices to ease back from current levels.

If prices rise again

Low storage leaves little cushion

If the Sudden Stratospheric Warming event materialises and the early winter cold snap arrives in late November as forecast, heating demand will spike sharply just as gas supply remains constrained by Middle East disruption and Norwegian outages. Prices could push significantly higher.

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
Nov-26 month 241.65 ↓ 2.85% ↑ 8.86% ↑ 36.89%
Dec-26 month 243.20 ↓ 2.84% ↑ 8.34% ↑ 36.31%
Jan-27 month 244.44 ↓ 2.77% ↑ 8.23% —
Q1-27 quarter 238.45 ↓ 2.85% ↑ 7.84% ↑ 36.05%
Q2-27 quarter 183.94 ↓ 2.71% ↑ 3.85% ↑ 37.90%
Q3-27 quarter 170.53 ↓ 2.18% ↑ 3.46% —
Sum-27 season 177.20 ↓ 2.46% ↑ 3.66% ↑ 38.37%
Win-27 season 169.53 ↓ 1.50% ↑ 4.15% ↑ 36.71%
Sum-28 season 107.42 ↓ 1.06% ↑ 5.49% ↑ 31.40%
Win-28 season 110.92 ↓ 0.59% ↑ 4.43% —
Cal-27 calendar 190.94 ↓ 2.38% ↑ 5.02% ↑ 37.33%
Cal-28 calendar 123.05 ↓ 1.08% ↑ 4.89% ↑ 31.77%
Cal-29 calendar 91.42 ↑ 0.35% ↑ 4.55% ↑ 19.85%

Electricity

£/MWh
Contract Price Day Week 30d
Nov-26 month 194.66 ↓ 1.95% ↑ 11.65% ↑ 33.47%
Dec-26 month 187.17 ↓ 1.98% ↑ 8.49% ↑ 30.34%
Jan-27 month 202.10 ↓ 1.92% ↑ 7.73% —
Q1-27 quarter 191.90 ↓ 2.07% ↑ 7.86% ↑ 31.52%
Q2-27 quarter 138.25 ↓ 1.58% ↑ 3.03% ↑ 30.92%
Q3-27 quarter 128.78 ↓ 0.46% ↑ 2.46% —
Sum-27 season 133.49 ↓ 1.04% ↑ 2.76% ↑ 29.98%
Win-27 season 133.94 ↓ 0.39% ↑ 3.29% ↑ 27.71%
Sum-28 season 86.65 ↓ 0.73% ↑ 4.46% —
Cal-27 calendar 147.19 ↓ 1.21% ↑ 4.12% ↑ 28.66%
Cal-28 calendar 100.79 ↓ 0.69% ↑ 4.27% ↑ 23.97%
Cal-29 calendar 81.05 ↓ 0.37% ↑ 3.91% ↑ 12.80%
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 26 Oct – 30 Oct 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: 205 distinct business-day reports from 5 January 2026 to 30 October 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.