Energy Market Update 21/04/2026

Welcome to our weekly energy market update, where we share the latest trends, shifts, and key developments impacting the energy sector. Whether it’s fluctuations in oil and gas prices, changes in renewable energy policies, or updates on energy infrastructure projects, we’re here to help you stay informed. Join us as we break down the most important factors influencing the market this week and explore what these changes could mean for your business.

Current Market Drivers:

⚠️ National Gas and NESO have warned that winter outlooks could reflect a greater impact from the Iran conflict, leaving room for potential bullish dynamics in winter even if the conflict abates.

🚫 After a brief reopening, Iran has shut the Strait of Hormuz again, while broader peace talks appear to have collapsed, with Iran stating it will not attend upcoming negotiations. The IEA has also warned that it could take up to two years for Middle Eastern energy output to recover, even if the Strait reopens in the near term.

📉 The OIES estimates that Europe will need around 6% more gas year-on-year (6 bcm) to start winter at the same level as last year, with volumes injected since April less than half the average. European storage levels stand at 30.47%, down 6% year-on-year.

🚢 Three trains at Qatar’s Ras Laffan North 1 restarted production last week despite uncertainty over Hormuz transit, with their 12.9 bcm/yr capacity potentially serving regional demand in Kuwait, as well as the UAE and Bahrain.

⚡ NESO reports in their summer outlook that the UK has sufficient electricity supply to meet demand and reserve requirements this summer, with increasing wind and solar generation potentially leading to a surplus.

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