Prices move lower on progress toward a peace agreement between the US and Iran
Gas and power
Power and gas prices closed lower on Friday, ending a volatile week driven largely by geopolitical headlines. Negative sentiment early in the week - following reports that the US was preparing further large scale military action against Iran - gave way to renewed optimism after the US announced it had cancelled planned strikes for Friday, citing significant progress in diplomatic discussions. On the fundamentals side, strong renewable output in the UK weighed on power prices, with wind and solar generation contributing to a nine hour period of negative pricing on Saturday.
Adjacent markets
Equity markets rose on Friday to cap a volatile week, as SpaceX launched on the Nasdaq, reaching a record‑breaking $2tn valuation. Other markets around the world were mostly higher, with the FTSE 100 closing at a new monthly high, as optimism about a Middle East peace deal grew. Oil prices touched their lowest level since March, with traders hoping that a deal would soon be signed between Iran and the US.
Closing prices
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Jul-26 | 111.6 | -8.2 | 98.8 | -4.8 |
| Aug-26 | 112.2 | -8.2 | 96.2 | -3.7 |
| Sep-26 | 113.8 | -7.9 | 98.9 | -5.4 |
| Q3-26 | 112.6 | -8.1 | 97.9 | -4.7 |
| Q4-26 | 118.3 | -7.4 | 103.6 | -4.5 |
| Q1-27 | 116.2 | -6.8 | 100.9 | -4.4 |
| Win-26 | 117.2 | -7.1 | 102.1 | -4.5 |
| Sum-27 | 84.5 | -2.9 | 77.3 | -1.5 |
| Win-27 | 85.9 | -1.7 | 79.5 | -0.9 |
| Sum-28 | 64.7 | -0.4 | 60.5 | -0.5 |
| Win-28 | 72.7 | -0.7 | 69.7 | 0.1 |