Energy Market Report – July 2026
Time-bound market update. Data and assessments reflect market conditions when the report was published. UK / Europe.
Open ERA Group's original report ↗At the time of writing (23 July 2026), the report described the supply situation in the Gulf and the Strait of Hormuz as remaining in flux, with the peace deal moving into a more active military phase and near-term energy pricing rising as a result.
It noted that Saudi Arabia had rerouted crude exports via its cross-country pipeline to the Red Sea port of Yanbu, while Houthi attacks targeted tankers at the Red Sea's southern exit. Ahead of the heating season starting 1 October, UK gas storage stood at 40% full and Europe at 54%, against a target of 80% by November.
The report also noted that UK electricity tracked gas but to a lesser degree, with renewables holding gas generation at around 22%, and that BICS legislation was still awaited. This is a time-bound market update covering the UK and Europe.
Key takeaways
- The Strait of Hormuz situation was described as unstable and price-supportive near term.
- UK gas storage stood at 40% full, Europe at 54%, against an 80% November target.
- Norway supplied more than 50% of gas imports; the US was the primary LNG source.
- Hurricane risk on the Louisiana and Texas coast (August–October) was flagged as an LNG supply risk.
- Gas held around 22% of the generation mix thanks to renewables.
Relevant for
CFO · Procurement · Energy manager
- Source
- ERA Group
- Language
- English
- Length
- 2 pages
- Date
- 23 July 2026
- Market
- UK / Europe
Original material from ERA Group. JMF Europe provides a short summary here.