Tuesday 1st September 2026

Prices close lower after a volatile week ends with negotiation hopes
Tuesday 1st September 2026
  • Sep 1, 2026, 12:51:04 PM
  • 1 minute read

Prices close lower after a volatile week ends with negotiation hopes

 

Gas and power

After a volatile week, prices closed on Friday broadly in line with Monday’s opening levels. Market sentiment continued to be driven by developments, or the lack of them, surrounding negotiations between Iran and Oman aimed at facilitating the reopening of the Strait of Hormuz. A new shipping lane and a revenue-sharing agreement between the two parties was reportedly agreed. Iran also stated last week that it is preparing a list of conditions that would enable the Strait to reopen. However, any further progress is likely to depend on the nature of those conditions and the U.S. response.

Adjacent markets

 Oil prices traded lower on Friday and recorded a weekly loss, despite stalled diplomatic progress between the US and Iran following the imposition of new US sanctions. Prices were pressured by reports of a tentative recovery in regional exports and indications that Iran was drafting new conditions for reopening the Strait following requests from mediators. Meanwhile, equity markets gained on Friday amid recent strong earnings results from the likes of Nvidia and Salesforce, as investors awaited a speech from new Federal Reserve Chair Kevin Warsh. 

Closing prices

 

NBP (p/therm)

  

UK Base (£/MWh)

  
 

Close

Day on Day

Close

Day on Day

Oct-26

164.41

-3.86

129.69

-2.26

Nov-26

167.53

-3.92

139.24

-3.53

Q4-26

167.00

-3.94

135.55

-3.15

Q1-27

163.11

-4.02

134.95

-2.61

Q2-27

112.92

-0.25

94.80

-0.25

Win-26

165.07

-3.99

135.29

-2.79

Sum-27

108.91

-0.43

92.18

-0.08

Win-27

106.12

0.37

93.07

0.72

Sum-28

73.97

0.27

67.59

0.22

Win-28

81.18

0.12

75.83

0.01

 

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