Wednesday 11th November 2026

Power and gas prices close mixed as markets assess geopolitical developments in the Middle East.

Gas and power

Power and gas prices closed mixed yesterday, with nearer dated contracts ending higher, the front seasons broadly flat and further dated contracts lower. Markets remained volatile as recent progress in negotiations between the US and Iran began to slow, with participants awaiting signs of further developments. President Trump maintained his preference for diplomacy following talks with Qatar’s Prime Minister, while US officials suggested military escalation remained unlikely while negotiations continued. However, sentiment was tempered by Secretary of State Marco Rubio’s warning that the US would continue imposing severe economic pressure on Iran and could do so for a long time.  

Adjacent markets

Oil prices fell again yesterday, extending the recent downtrend amid increased optimism that further escalation of the war in Iran could be avoided. Comments from the US Secretary of State suggested that sanctions on Iran were proving effective, reducing the perceived need for further military action and supporting hopes of a diplomatic resolution. Elsewhere, US equity markets moved lower following October’s CPI release, with inflation rising 0.4% month-on-month and strengthening expectations of tighter monetary policy. 

Closing prices