Energy Markets Weekly: Trump’s Tariffs and EU Storage Rule Revisions Shift the Outlook

UK and European energy markets opened April on firmer ground, with NBP front-month gas prices rising above 103p/therm and power following gas higher, supported by cooler temperatures, reduced wind output, and supply-side uncertainty. Geopolitical and policy-driven risks remain top of mind. A tentative ceasefire in the Black Sea remains in effect, while former US President Donald Trump’s reintroduction of sweeping global tariffs, including a 10% tariff on UK goods, has triggered broader market volatility.