Thursday 6th August

 Power and gas prices soften on optimism surrounding an agreement to reopen the Strait of Hormuz.  

Gas and power

 Yesterday, power and gas prices continued to fall, reaching their lowest levels in the past three weeks. The decline was driven by optimism surrounding a potential deal that could lead to the reopening of the Strait of Hormuz. Talks between Iran and Oman have been ongoing, with reports suggesting that the coordinates for a transit route through the strait have been agreed, leaving only a few issues unresolved. The extent of US involvement in any agreement remains unclear, with Iran stating that any third-party interference could jeopardise the deal. 

Adjacent markets

Closing prices