Thursday 24th September 2026

Power and gas prices closed mixed on Wednesday as markets looked for signs that reports of “good talks” between the US and Iran could lead to progress towards reopening the Strait of Hormuz. Support also came from tightening gas fundamentals, with European storage facilities remaining only just above 70% full and still almost 20 percentage points below target levels ahead of winter. With no indication that Qatari LNG exports will return to the market in the near to medium term, concerns over storage levels continue to underpin prices.

Oil prices traded higher yesterday, ending their recent losing streak despite opening lower, as markets reacted to comments from Iran’s President at the United Nations General Assembly that the country would never surrender, although he left the door open to diplomacy. Meanwhile, UK and European equities moved in the opposite direction to oil, closing lower after opening higher as weaker PMI data and inflation concerns weighed on sentiment.

NBP (p/therm)

UK Base (£/MWh)

Close

Day on Day

Close

Day on Day

Oct-26

180.33

-2.41

141.71

-1.83

Nov-26

183.59

-2.59

149.88

-1.44

Dec-26

185.43

-2.48

147.38

-2.18

Q4-26

183.12

-2.49

146.29

-1.61

Q1-27

181.26

-2.52

148.38

-1.23

Q2-27

136.57

-0.73

106.82

-0.72

Win-26

182.20

-2.5

147.37

-1.47

Sum-27

130.65

-0.8

103.33

-0.28

Win-27

127.15

-0.83

105.20

-0.27

Sum-28

82.70

0.4

70.79

-0.05

Win-28

90.25

1.21

80.11

0.16