Smart Energy Insights
Energy Insights
Thomas McGlynn • 12 October 2026

Weekly Energy Market Report: 5th - 9th Oct 2026

SMART ENERGY
Weekly Energy Briefing · UK
Week of 5 Oct – 9 Oct 2026
Latest settlement: 8 October 2026
Weekly review · Week 41 · 5 Oct – 9 Oct 2026

The week in review: gas firmed 3.8%, power firmed 2.5%

A day-by-day recap of how UK gas and electricity moved across the trading week of 5 Oct – 9 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 Middle east shipping risk escalates
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 5 Oct – 9 Oct 2026
Natural gas
The week in 5 days · p/therm
↑ 3.80%
vs last week
188.10 195.67 Mon Tue Wed Thu Fri
rose through the week · +4.0% Mon→Fri
Week avg 189.91 Week low 183.59 Week high 195.67
low 96.52 Fri close · today ● 205.19 high
Electricity
The week in 5 days · £/MWh
↑ 2.55%
vs last week
152.94 158.35 Mon Tue Wed Thu Fri
rose through the week · +3.5% Mon→Fri
Week avg 153.77 Week low 149.23 Week high 158.35
low 82.28 Fri close · today ● 158.35 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 Q3-27 gas ↑ 11.06% — 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

Wind generation swings sharply

Wind output across Northwest Europe dropped to lows of 2.9–7.7 GW mid-week, supporting thermal generation economics and power prices. However, an Atlantic front has since brought gale-force winds, lifting UK wind to 17–18 GW and German output above 30 GW by Friday. This renewable surge has collapsed spot power prices even as forward contracts climbed.

Lng sendout bolstered by arrivals

The Maran Gas Nice has arrived at South Hook, with two further LNG cargoes due within the next ten days. This additional supply has provided some offset to the week's upward pressure, though it has not reversed the broader climb.

Risks that could push prices higher

Middle east shipping risk escalates

An LNG tanker was struck by a projectile in the Strait of Hormuz on 7 October, and Iranian officials threatened to close southern shipping lanes along Oman's coast. Nine vessels have been targeted in the Strait over the past seven days. These threats compound existing concerns about Qatari LNG exports transiting the region and have driven aggressive buying across European gas and power markets.

Us military preparations against iran

Reports that the White House instructed the Pentagon to prepare strike options against Iran ahead of the US midterms amplified geopolitical risk. By Friday, President Trump suggested productive discussions with Iran and an intention to avoid military strikes before the election, which eased some acute sentiment.

Norwegian pipeline outages tighten supply

Unplanned outages at Norway's Dvalin and Heidrun fields cut 22 million cubic metres per day, lifting total Norwegian offline capacity to 39 million cubic metres per day. These fields are not expected to return until next week, leaving the Dutch grid short through the period.

European storage below seasonal norms

European gas storage stands at 73.12% capacity, trailing the five-year seasonal norm by nearly 14 percentage points. The UK is particularly constrained at 33.69% full, and Germany sits at 59.44%, both well below comfortable buffers. This structural tightness has supported the week's rally.

French nuclear and hydro deficits persist

The 3 GW Chooz nuclear plant remains offline until 23 October due to low cooling water flows, and French hydro reserves have dropped to 48.6% of capacity—23.6 percentage points below normal. An EDF union strike also threatened nuclear availability mid-week. These deficits are supporting power prices across the European curve.

Hurricane isaias shuts us gas production

Hurricane Isaias has shut in roughly 1.3 million barrels per day of crude and 16% of gas production across the US Gulf of Mexico. This has supported Brent crude near $103.50/barrel and added to the week's upward pressure on global energy prices.

Brent crude breaks above $103

Brent crude climbed to $104/barrel on Thursday and has settled near $103.50/barrel, supported by Middle East tensions, OPEC+ output unchanged, and US Gulf of Mexico shutdowns. Higher crude often correlates with higher gas and power prices in the short term.

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 5.3–10.5% this week and up 2.8–17.2% over 30 days; electricity up 4.3–9.3% this week, up 1.1–14.9% 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 5.3–10.5% 30 days Up 2.8–17.2%
low 57.84 Sum-27 · today ● 148.50 high

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

Electricity Near the top
Rising
This week Up 4.3–9.3% 30 days Up 1.1–14.9%
low 59.74 Sum-27 · today ● 117.05 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 6.1–11.1% this week and up 4.5–17.2% over 30 days; electricity up 5.8–9.8% this week, up 6.2–18.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 6.1–11.1% 30 days Up 4.5–17.2%
low 57.84 Sum-27 · today ● 148.50 high

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

Electricity Near the top
Rising
This week Up 5.8–9.8% 30 days Up 6.2–18.2%
low 59.74 Sum-27 · today ● 117.05 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 7.4–11.1% this week and up 15.2–17% over 30 days; electricity up 5.8–9.8% this week, up 13.9–18.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 7.4–11.1% 30 days Up 15.2–17%
low 65.81 Win-27 · today ● 142.35 high

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

Electricity Near the top
Rising
This week Up 5.8–9.8% 30 days Up 13.9–18.2%
low 74.51 Win-27 · today ● 117.48 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 5.8–11.1% this week and up 15.2–26.6% over 30 days; electricity up 5.8–9.8% this week, up 11–18.2% over 30 days.

Evidence confidence Medium
Gas Near the top
Rising
This week Up 5.8–11.1% 30 days Up 15.2–26.6%
low 65.81 Win-27 · today ● 142.35 high

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

Electricity Near the top
Rising
This week Up 5.8–9.8% 30 days Up 11–18.2%
low 74.51 Win-27 · today ● 117.48 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

A de-escalation in Iran–US rhetoric, combined with the return of Norwegian pipeline capacity and sustained strong wind generation, could ease the structural tightness and allow prices to slip back from their week-end highs.

If prices rise again

Low storage leaves little cushion

Further escalation in Middle East tensions, or a new attack on LNG infrastructure, could reignite the sharp buying seen mid-week and push prices higher still, especially if Norwegian outages extend beyond next week.

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 195.67 ↑ 1.06% ↑ 4.90% ↑ 2.18%
Dec-26 month 198.43 ↑ 0.97% ↑ 5.32% ↑ 2.83%
Jan-27 month 200.02 ↑ 0.95% ↑ 5.67% —
Q1-27 quarter 196.04 ↑ 1.01% ↑ 6.06% ↑ 4.45%
Q2-27 quarter 153.92 ↑ 2.17% ↑ 9.79% ↑ 16.48%
Q3-27 quarter 143.15 ↑ 1.77% ↑ 11.06% —
Sum-27 season 148.50 ↑ 1.97% ↑ 10.40% ↑ 17.23%
Win-27 season 142.35 ↑ 1.69% ↑ 10.50% ↑ 16.96%
Sum-28 season 90.66 ↑ 1.25% ↑ 7.35% ↑ 15.17%
Win-28 season 96.97 ↑ 1.31% ↑ 5.75% ↑ 26.58%
Cal-27 calendar 159.11 ↑ 1.62% ↑ 9.07% ↑ 13.07%
Cal-28 calendar 104.33 ↑ 1.42% ↑ 8.01% ↑ 15.09%
Cal-29 calendar 81.45 ↑ 0.78% ↑ 3.91% ↑ 11.80%

Electricity

£/MWh
Contract Price Day Week 30d
Nov-26 month 158.35 ↑ 1.08% ↑ 4.04% ↑ 0.64%
Dec-26 month 156.87 ↑ 0.40% ↑ 4.30% ↑ 1.06%
Jan-27 month 170.15 ↑ 1.92% ↑ 6.03% —
Q1-27 quarter 161.97 ↑ 1.86% ↑ 6.06% ↑ 6.15%
Q2-27 quarter 121.38 ↑ 1.40% ↑ 8.91% ↑ 15.85%
Q3-27 quarter 112.77 ↑ 2.17% ↑ 9.76% —
Sum-27 season 117.05 ↑ 1.77% ↑ 9.32% ↑ 14.91%
Win-27 season 117.48 ↑ 1.71% ↑ 8.76% ↑ 13.94%
Sum-28 season 77.07 ↑ 0.59% ↑ 5.83% ↑ 18.17%
Cal-27 calendar 127.82 ↑ 1.65% ↑ 8.18% ↑ 10.95%
Cal-28 calendar 89.47 ↑ 1.12% ↑ 6.14% ↑ 11.01%
Cal-29 calendar 75.90 ↑ 0.58% ↑ 3.30% ↑ 6.59%
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

Ready to compare prices?

Get current prices

Not ready to agree anything yet?

Check your renewal window

See where your contract dates sit and what we'd do with the time you have.

Set a free price alert

Tell us your end date and the market moves that matter, and we'll tell you when your target is reached.

Source: SEFE Energy daily reports across the week of 5 Oct – 9 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: 190 distinct business-day reports from 5 January 2026 to 9 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.
Follow the market

The bigger picture.

Explore wholesale prices, contract history and the forces behind the latest moves.

Explore Market Desk ↗
Your business. Your next contract.

Turn insight into your next quote.

Let us compare business energy quotes for your renewal date. See your options before you decide.

Get my business energy quotes ↗
From Smart Energy Company · Independent UK business energy advisers.
Our contributor: , Managing Director.

More to read.

All insights ↗