Latest Market Update - February 2026

• January saw a modest overall increase in market prices, driven largely by geopolitical tensions and colder weather. Strong supply levels, however, helped limit any significant upward movement. Looking ahead, temperatures across Europe are expected to remain below seasonal norms, but supply delivery continues to hold firm.

• Over the past two years, March has consistently presented notable market low points. With this in mind, now is an ideal time to begin reviewing and planning your upcoming energy renewals.

• Recent revisions to temperature forecasts have extended the mid‑February cold snap, with much of Europe now expected to experience colder conditions. This has added pressure to storage concerns, with European gas reserves edging closer to 39%.

• Despite this, incoming supplies into the EU remain steady. Norwegian assets continue to deliver healthy volumes, even with some reduced capacity, and improved global LNG availability is supporting confidence in ongoing supply stability.

• EU gas storage currently stands at 38.5% full as of 5th February.

• Geopolitical tensions between the US and Iran have escalated following a drone shootdown near the USS Abraham Lincoln and the attempted harassment of a US‑flagged tanker in the Strait of Hormuz. These developments have heightened concerns around potential disruption to Middle Eastern oil flows and renewed broader geopolitical risk.

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