Prices see a mixed close as no further military action takes places between the US and Iran
Gas and power
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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. |
Adjacent markets
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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. |
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NBP (p/therm) |
UK Base (£/MWh) |
|
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|
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 prices
|
Closing price as of 02 Aug 2026 |
NBP (p/therm) |
Sep-26 |
143.72 |
Q4-26 |
146.44 |
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|
Q1-27 |
139.24 |
Win-26 |
142.86 |
Sum-27 |
92.94 |
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|
UK Base (£/MWh) |
Sep-26 |
120.70 |
Q4-26 |
123.96 |
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|
Q1-27 |
119.32 |
Win-26 |
121.66 |
Sum-27 |
82.65 |
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