Tuesday 22nd September 2026

Power and gas prices moved sharply lower on Monday, with markets starting the week at two week lows. Optimism over potential diplomatic progress in the conflict with Iran continued to build ahead of President Trump’s expected talks with Gulf leaders at the UN meeting on Tuesday. However, concerns over renewed escalation persisted following weekend reports that the Iranian military had received intelligence suggesting the US could be preparing a further round of strikes, highlighting the fragile nature of the current situation.

Oil prices fell on Monday to their lowest levels since 10 September, as hopes of diplomatic progress grew following reports that President Trump may be willing to meet Iran’s president at this week’s United Nations meeting in New York. Equity markets also benefited from lower oil prices, with most indices recording gains as bond yields declined. Elsewhere, cryptocurrency markets also rallied, with Bitcoin reaching $85,000, its highest level since January.

NBP (p/therm)

UK Base (£/MWh)

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Day on Day

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Day on Day

Oct-26

181.90

-15.68

142.76

-11.19

Nov-26

185.60

-15.01

150.88

-10.88

Dec-26

187.21

-14.69

149.18

-10.87

Q4-26

184.90

-15.13

147.53

-10.98

Q1-27

183.26

-14.34

149.21

-10.23

Q2-27

137.03

-3.81

107.10

-3.47

Win-26

184.09

-14.74

148.32

-10.66

Sum-27

131.10

-3.39

102.43

-3.3

Win-27

127.10

-2.12

105.29

-1.81

Sum-28

82.08

-0.97

70.24

-0.66

Win-28

88.98

-0.7

79.78

-0.97