Monday 2nd November 2026

 Prices continue to push higher amid ongoing shipping attacks and the prospect of renewed US strikes.

Gas and power

Gas and power prices closed broadly higher on Friday, supported by continued attacks on shipping and the prospect of renewed US strikes. Multiple tankers were reportedly struck in the Strait of Hormuz, raising concerns over global energy supplies. Meanwhile, President Trump stated the war is “going to be wrapped up soon”, while regional countries continue to push for a diplomatic breakthrough. Asian spot LNG prices have risen for the fourth consecutive week to new multi-year highs, supported by the ongoing conflict, Asian buying interest and expectations of stronger winter demand. Fundamentally, cooler near-term temperatures, low wind forecasts and a planned EDF strike on Wednesday are also providing support. 

Adjacent markets

Oil prices pushed higher on Friday, ending October at six-month highs as concerns over a significant escalation in the US-Iran conflict following the 3 November mid-term elections continued to support markets. Global equities were mixed over the month, with the UK’s FTSE 100 posting gains, led by energy and pharmaceutical stocks, while Europe’s STOXX 600 declined amid disappointing technology earnings. 

Closing prices