Energy Market Analysis – 20/04/2026
Welcome to the Cibus Energy market analysis, detailing last week’s price changes, supply news, and movements in the electricity, gas, and oil markets. If you’d like to receive our energy market analysis directly to your inbox every Monday, then fill out this contact form to subscribe.
Power
Power prices generally mirrored movements in the gas market throughout the week, often declining when gas prices softened due to milder weather forecasts or signs of easing geopolitical tensions. Rising wind generation was notably forecasted to reduce gas-for-power demand, such as an expected drop of 16 mcm/day early in the week. French nuclear output remained robust, averaging 45.5GW, well above the historical average.
Significantly, the UK announced it will scrap its Carbon Price Support tax in April 2028, viewing the policy as fulfilled given the coal industry’s decline. Towards the end of the week, UK Base prices saw marginal front-curve falls but lifted further out on thin liquidity.
Gas
Prices fluctuated initially with geopolitical tensions, rising on fears regarding shipments through the Strait of Hormuz and failing Iran-US talks, pushing Brent past $100/bbl. However, volatility decreased mid-week as milder weather forecasts and strong European storage levels, which were around 29.55% full, pushed spot prices down significantly. Periodic maintenance in Norway periodically tightened the supply balance, notably affecting output at the Norne field and cutting Langeled flows.
Flows from Norway ranged between roughly 298 and 325 mcm/day throughout the week. Towards the end, spot prices moved higher on these unplanned disruptions and cooler forecasts, before finally easing again on renewed optimism for Middle East ceasefire discussions.