October has been a busy month for wholesale energy markets. Here’s our weekly roundup of what moved prices, what’s driving the market, and what it means for your business, both this winter and well beyond.
Week of 5th October 2026
Wholesale prices rose as renewed disruption around the Strait of Hormuz raised liquefied natural gas (LNG) supply fears and the market began pricing in longer-term risk. Strong wind, steady LNG deliveries and Norwegian supply limited the rise, but below-target storage keeps us alert.
Week of 12th October 2026
Mixed political signals around an “energy ceasefire” and fresh Houthi attacks on Saudi infrastructure added plenty of noise. Supply fundamentals stayed fragile, with prices firming across the forward curve as the market priced in a prolonged geopolitical risk premium.
Week of 19th October 2026
European gas stayed near its highest since late 2022, with storage around 74% full against an 89% five-year average. Near-term gas contracts rose 8–10% over the week on Hormuz threats, and concern is now stretching into Summer 2027.
Week of 26th October 2026
European gas hit its highest level in almost four years. Storage is 74.93% full, the lowest for the time of year since 2009, and 38 Qatari LNG cargoes are missing. Day-ahead gas rose 16.3% in a week.
Summary
Prices remain high and risks tilt upwards, with disruption extending into Summer 2027. We’d encourage you to follow your agreed purchasing strategy and review your remaining exposure against budget and risk tolerance. How much price risk are you comfortable carrying?
Disclaimer
The information provided in this report is for information purposes only and should not be construed as financial advice. Energy prices can be volatile and may rise or fall based on market conditions, economic events, supply and demand, geopolitical developments and other factors. Each business should make its energy buying decisions based on its own attitude to risk and what it could withstand if energy prices rise.
