Prices fall in a volatile trading session on optimism about renewed Hormuz talks
Gas and power
Prices fell on Thursday as markets experienced another volatile trading session. Geopolitical events were the key driver of price action, as overnight US missile strikes targeted Iranian military facilities and drone strikes damaged gas vessels in Egypt. Optimism came from reports that Iran and Oman were continuing discussions on joint management of the Strait of Hormuz. Below seasonal normal wind generation was likely to support short-term power prices for the remainder of this week, with wind speeds expected to increase from Monday.
Adjacent markets
Oil prices fell during yesterday’s session despite fresh overnight strikes between the US and Iran, as markets took encouragement from reports that Oman and Iran were discussing the potential reopening of the Strait of Hormuz. Meanwhile, equity markets moved higher as investors digested the latest central bank decisions, with both the Federal Reserve and the Bank of England leaving interest rates unchanged. The improved sentiment helped propel the FTSE to a fresh record high during the session.
|
NBP (p/therm) |
UK Base (£/MWh) |
|||
|
Close |
Day on Day |
Close |
Day on Day |
|
|
Sep-26 |
142.948 |
-5.740 |
120.095 |
-2.950 |
|
Oct-26 |
143.370 |
-5.660 |
116.530 |
-3.510 |
|
Nov-26 |
146.513 |
-5.110 |
127.535 |
-3.620 |
|
Q4-26 |
145.933 |
-5.140 |
123.515 |
-3.360 |
|
Q1-27 |
139.301 |
-4.050 |
119.040 |
-2.650 |
|
Q2-27 |
97.279 |
-2.220 |
85.930 |
-1.000 |
|
Win-26 |
142.635 |
-4.610 |
121.250 |
-3.130 |
|
Sum-27 |
93.977 |
-2.230 |
83.510 |
-1.120 |
|
Win-27 |
92.989 |
-1.640 |
85.295 |
-1.120 |
|
Sum-28 |
68.110 |
-0.860 |
63.885 |
-0.910 |
|
Win-28 |
75.788 |
-0.450 |
72.390 |
-0.180 |
Closing prices
|
Closing price as of 30 Jul 2026 |
NBP (p/therm) |
Sep-26 |
142.95 |
Q4-26 |
145.93 |
|
|
Q1-27 |
139.30 |
Win-26 |
142.64 |
Sum-27 |
93.98 |
|
|
UK Base (£/MWh) |
Sep-26 |
120.10 |
Q4-26 |
123.52 |
||
|
Q1-27 |
119.04 |
Win-26 |
121.25 |
Sum-27 |
83.51 |