Monday 07 September 2026

Power and gas markets close near recent highs as the market assess the risk for winter gas prices

Power and gas markets closed the week within Thursday’s range, retreating from Wednesday’s highs but remaining close to contract highs. Whilst there were no significant geopolitical developments on Friday, markets continued to assess implications for LNG competition and European gas storage levels. Although the European Commission stated it sees no immediate risk for security of gas supply, North West European LNG prices strengthened, with an LNG tanker reportedly diverted from India to Belgium. Meanwhile, unplanned Norwegian outages continued to add near-term tightness.

On Friday, oil markets closed lower on the day but higher over the week. Renewed attacks between the US and Iran continued to fuel uncertainty and heighten geopolitical risks. Global equities remained muted on Friday despite the release of key US jobs data, highlighting a surge in jobs growth, while unemployment remained steady, signalling a resilient labour market and strengthening the case for a Federal Reserve rate hike. The release of this data helped the US dollar strengthen against the other major currencies and pushed bond yields higher.

NBP (p/therm)

UK Base (£/MWh)

Close

Day on Day

Close

Day on Day

Oct-26

178.87

1.53

139.93

0.47

Nov-26

181.86

1.31

149.83

0.61

Q4-26

181.35

1.37

145.97

0.34

Q1-27

177.99

2.01

145.83

1.69

Q2-27

124.18

0.42

102.24

0.69

Win-26

179.68

1.69

145.80

0.9

Sum-27

119.87

0.32

98.98

0.59

Win-27

116.55

0.53

99.93

0.58

Sum-28

78.46

0.4

70.12

-0.21

Win-28

85.42

-0.1

78.63

0.19