Wednesday 16th September 2026

 Power and gas prices pressured by technicals 

Gas and power

Power and gas prices closed lower yesterday, retracing some of the gains from recent sessions amid technical pressure, although they remained near recent highs. Despite President Trump’s statement that Russia and Ukraine had agreed to halt attacks on energy infrastructure, fresh strikes were reported by both sides. There was little change in the Middle East during the session, although President Trump hinted at a possible willingness to resume US-Iran negotiations, while Iran’s Foreign Minister is set to visit China on Wednesday ahead of the Chinese leader’s visit to the US later this month. Meanwhile, prompt prices remained supported by industrial action in France, which reduced both nuclear availability and LNG sendout capacity. 

Adjacent markets

Oil continued to push higher yesterday amid fresh developments in the Middle East. Following the recent attack on Saudi Arabia's East-West pipeline, which forced operations to cease, oil loadings at the Saudi port of Yanbu were also suspended. This reinforced market concerns that exports from the region are unlikely to recover in the near term, and supply disruptions are set to persist. Meanwhile, rising bond yields remain a key focus for investors, with the benchmark 10-year US Treasury yield reaching its highest level since 2007. The move has added pressure to global equity markets while fuelling expectations of a near-term increase in interest rates. 

Closing prices