Prices fall following an extension to the deadline to reopen the Strait of Hormuz 135.67 Gas NBP Sum-26 (p/th)-2.59▼ 5 Day Outlook 101.99 Sum-26 Baseload (£/MWh)-0.92▼ Front Month Power ▲ 99.43 Apr-26 Baseload (£/MWh)-0.61▼ 37.05 UKA Dec-26 (£/t)-0.95▼
Gas and power
Power and gas prices settled lower on Friday on tentative optimism after President Trump signalled an extension to the deadline for Iran to reopen the Strait of Hormuz. Losses were limited as the approaching weekend curbed risk appetite, with traders cautious of any potential escalation that could undermine truce efforts and therefore reluctant to take decisive positions. Expectations of a possible US led ground assault also remained an overhang on market sentiment.
Adjacent markets
Global equity and oil markets were volatile last week, with both responding inversely to headlines related to the escalating conflict between the US, Israel, and Iran. In the early part of the week, equity markets found support while oil prices came under pressure, driven by optimism that a ceasefire or peace agreement might be reached after President Trump extended the deadline for Iran to agree to a deal before any major strikes on its infrastructure. However, as the week progressed, mixed messages from both sides and a lack of meaningful progress diminished hopes of an agreement, resulting in oil prices ending the week supported while equities moved lower.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Apr-26 | 136.13 | -2.81 | 99.43 | -0.61 |
| May-26 | 136.60 | -2.87 | 101.43 | -1.42 |
| Jun-26 | 135.41 | -2.74 | 103.48 | -1.50 |
| Q2-26 | 136.05 | -2.81 | 101.60 | -0.90 |
| Q3-26 | 135.30 | -2.36 | 102.51 | -0.98 |
| Q4-26 | 140.23 | -1.78 | 106.00 | -1.54 |
| Sum-26 | 135.67 | -2.59 | 101.99 | -0.92 |
| Win-26 | 140.09 | -1.70 | 106.66 | -1.24 |
| Sum-27 | 101.80 | 0.22 | 79.12 | 0.12 |
| Win-27 | 100.52 | 0.01 | 83.45 | -0.41 |
| Sum-28 | 70.74 | -0.04 | 64.53 | -0.03 |