Energy Market Update 18/08/2026

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:

📈 Uniper’s CEO warned that Europe’s benchmark TTF could remain around €50–60/MWh, roughly double its level before the US-Iran war, keeping upside risk baked into prices along the front half of the curve.

🇳🇴 Shell’s Ormen Lange gas field in Norway will operate at 60% capacity through Feb-27, curtailing output by around 8.9mcm/d and compounding tighter supply conditions through Winter-26. The US-Iran conflict remains at an impasse, keeping Hormuz flows constrained.

💧 French winter power prices have rallied 20% since Jul-26 due to drought conditions spurred by consecutive heatwaves this summer, increasing winter supply risk as hydro levels sit at an 11-year low.

🚢 Undamaged liquefaction trains at Qatar’s Ras Laffan have returned online at low levels to avoid exceeding storage capacity, easing concerns around restart delays. However, export resumption remains entirely dependent on shipping conditions through Hormuz.

🌤️ Early outlooks from a French meteorologist suggest conditions will remain warm and dry into Nov-26, easing early power-sector heating demand.

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