Wedesday 29th July

Prices end up mostly lower as optimism builds around a new US-Iran ceasefire
Wedesday 29th July
  • Jul 29, 2026, 10:21:00 AM
  • 1 minute read
   

Prices end up mostly lower as optimism builds around a new US-Iran ceasefire

 

Gas and power

 

Price movements were mixed on Tuesday but closed mostly lower after a late sell-off. Optimism grew from hopes that the current round of talks could lead to a ceasefire and a resumption of maritime traffic through the Strait of Hormuz. A plan submitted by Oman to enable voluntary fees for vessels passing through the Strait may have helped to break the deadlock. Markets received confirmation that Qatari LNG flows were likely to remain low in the near future, as Qatar confirmed that it would not be delivering contracted gas to a major European customer in September.

  
 
 
 
 
 

Adjacent markets

 Oil prices traded lower during yesterday’s session, falling around 2% to their lowest level in a week, following reports of diplomatic progress aimed at bringing the US and Iran back to the negotiating table. Sentiment was further boosted by comments from President Trump that “there’s a good chance something could happen”, although markets remained cautious and optimism was tempered by Tehran’s denial that any direct negotiations were taking place. Meanwhile, equity markets benefited from the decline in oil prices, with most major indices trading higher during the session, though gains were capped in technology-heavy markets amid the recent sell-off in AI-related stocks. 

Closing prices

Closing price as of 28 Jul 2026

NBP (p/therm)

Aug-26

138.40

Q4-26

142.04
 

Q1-27

135.11

Win-26

138.59

Sum-27
 

UK Base (£/MWh)

Aug-26

116.48

Q4-26

120.82
 

Q1-27

116.74

Win-26

118.83

Sum-27

 

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