Ongoing geopolitical concerns and tighter fundamentals see prices close near weekly highs.
Gas and power
Power and gas prices closed higher on Friday, recording further gains as market participants remained concerned about developments in the Middle East. Reduced shipping traffic through the Strait of Hormuz, cooler weather forecasts over the coming week which increased expectations of higher heating demand, and low European gas storage levels all served to provide support to prices. In addition, supply concerns were further heightened by unplanned and scheduled Norwegian maintenance, alongside reduced French nuclear availability due to low river levels, adding to the overall bullish sentiment.
Adjacent markets
Oil finished the week higher overall, with prices briefly hitting $110/bbl late on Friday amid reports of attacks on Saudi energy infrastructure. The move added to concerns over Middle East supply security, alongside continued escalation in the Strait of Hormuz, where further attacks on commercial shipping and little sign of progress in diplomatic talks have increased fears of prolonged disruption to oil flows. Meanwhile, broader financial markets stabilised following Thursday's technology-led selloff, though sentiment remains cautious as investors continue to assess stretched valuations and funding requirements across the AI sector.
Closing prices
|
NBP (p/therm) |
UK Base (£/MWh) |
||||
|
Close |
Day on Day |
Close |
Day on Day |
||
|
Nov-26 |
216.7 |
2.77 |
169.5 |
1 |
|
|
Dec-26 |
220.0 |
2.52 |
169.8 |
0.97 |
|
|
Jan-27 |
221.7 |
2.25 |
184.6 |
1.68 |
|
|
Q1-27 |
217.4 |
2.3 |
175.8 |
1.08 |
|
|
Q2-27 |
171.3 |
2.93 |
131.9 |
1.99 |
|
|
Q3-27 |
157.7 |
2.36 |
123.8 |
1.64 |
|
|
Sum-27 |
164.5 |
2.64 |
127.4 |
1.69 |
|
|
Win-27 |
156.5 |
2.03 |
126.4 |
1 |
|
|
Sum-28 |
97.6 |
1.62 |
80.8 |
0.48 |
|
|
Win-28 |
102.0 |
1.83 |
86.7 |
0.98 |
|
|
Sum-29 |
76.6 |
0.72 |
72.8 |
0.47 |