Tuesday 20th October 2026

Prices remain at four-year highs, supported by ongoing tensions in the Middle East 

Gas and power

Power and gas prices closed mixed yesterday, with near-term contracts closing within Friday’s trading range, while further-dated contracts moved higher on expectations of increased storage refilling demand. Markets remain at four-year highs as escalating shipping attacks in the Middle East continue to restrict global LNG supply. Competition with Asia for LNG cargoes remains strong, with Asian spot LNG prices rising to their highest since 2022 and a number of cargoes diverting from Europe to Asia. In addition, colder weather forecasts later this week have increased expectations for gas heating demand. 

Adjacent markets

Oil prices traded lower during yesterday’s session as investors took profits following recent multi month highs, while the lifting of US sanctions on Russian oil exports added further downward pressure. However, losses were limited by ongoing supply disruptions in the Middle East, where ongoing attacks continue to restrict flows. Meanwhile, UK and European equity markets also closed lower, with sentiment remaining weighed down by the recent sell off in US technology stocks and as investors looked ahead to key US earnings reports later this week. 

Closing prices