Monday 1st August

Power and gas markets saw a mixed close on Friday, ending the week in the middle of the recent price range. No further military action between the US and Iran helped to ease concerns about an escalating conflict, but tensions remained high and the number of vessels travelling through the Strait of Hormuz remained low. UK gas production remained strong throughout the week, allowing the UK to re-export gas from Norway to Ireland and continental Europe. European gas storage operators continued to inject throughout the week, but overall EU storage levels remain about 12 percentage points below their level at this time last year.

Oil prices increased during Friday’s session, continuing the upward trend seen through much of the week, following reports that some vessels had been forced to turn back while transiting the Strait of Hormuz. Overall, the escalation in geopolitical tensions between the US and Iran which reignited concerns over potential supply disruptions from the region, saw oil prices around 24% higher over the course of July. Meanwhile, equity markets were volatile, with indices generally trading higher in the morning after strong sessions in the US and Asia overnight, but ultimately finishing mixed as investors continued to digest the latest corporate tech earnings results.

NBP (p/therm)

UK Base (£/MWh)

Close

Day on Day

Close

Day on Day

Sep-26

143.715

0.770

120.700

0.600

Oct-26

143.970

0.600

118.460

1.930

Nov-26

147.178

0.670

126.680

-0.850

Q4-26

146.437

0.500

123.960

0.440

Q1-27

139.235

-0.070

119.320

0.280

Q2-27

96.284

-1.000

85.255

-0.670

Win-26

142.856

0.220

121.655

0.410

Sum-27

92.944

-1.030

82.650

-0.860

Win-27

92.548

-0.440

85.040

-0.260

Sum-28

68.195

0.080

63.990

0.100

Win-28

75.723

-0.060

72.100

-0.290

Closing price as of 02 Aug 2026

NBP (p/therm)

Sep-26

143.72

Q4-26

146.44

Q1-27

139.24

Win-26

142.86

Sum-27

92.94

UK Base (£/MWh)

Sep-26

120.70

Q4-26

123.96

Q1-27

119.32

Win-26

121.66

Sum-27

82.65