Prices move higher after reports of a vessel being struck in the Strait of Hormuz exacerbate concerns over supply security.
Gas and power
Power and gas prices moved higher on Friday, with Summer 2027 contracts closing at record highs. The rally was driven by reports that a tanker transiting the Strait of Hormuz had been struck by an unidentified projectile, dampening earlier optimism that ongoing US–Iran negotiations could lead to the reopening of the waterway in the near term. On the fundamentals side, demand remained relatively stable amid above average temperatures. Supply was modestly constrained by unplanned outages at Norwegian gas infrastructure, although flows recovered gradually throughout the week.
Adjacent markets
Oil closed broadly flat despite reports that G7 countries have agreed to release diesel and crude oil from strategic reserves, easing concerns over global energy supply tightness. Markets are increasingly focused on refined product shortages rather than crude availability, with constrained refinery capacity and output in the Middle East and Russia. Meanwhile, major stock indexes rose, and the US dollar weakened after softer-than-expected US jobs data reduced expectations of a near-term Federal Reserve rate hike, improving broader market sentiment.
Closing prices
|
NBP (p/therm) |
UK Base (£/MWh) |
|||
|
Close |
Day on Day |
Close |
Day on Day |
|
|
Nov-26 |
188.55 |
3.12 |
153.72 |
1.62 |
|
Dec-26 |
190.58 |
3.17 |
151.565 |
1.37 |
|
Jan-27 |
191.6175 |
3.3 |
163.795 |
2.69 |
|
Q1-27 |
187.54 |
3.57 |
154.85 |
2.22 |
|
Q2-27 |
143.8615 |
3.69 |
112.645 |
0.8 |
|
Q3-27 |
131.9675 |
3.84 |
104.385 |
0.86 |
|
Sum-27 |
137.899 |
3.77 |
108.49 |
1.21 |
|
Win-27 |
132.3395 |
3.94 |
109.81 |
1.93 |
|
Sum-28 |
86.818 |
2.34 |
73.97 |
1.16 |
|
Win-28 |
93.819 |
2.2 |
82.595 |
0.99 |
|
Sum-29 |
72.4995 |
1.15 |
68.985 |
0.41 |