Wednesday 23rd September 2026

Prices are volatile as developments at this week's UN General Assembly shape market sentiment.

After falling by as much as 9% during yesterday’s session, prices ultimately closed mixed. Early losses were driven by hopes that this week’s UN General Assembly could deliver progress towards reopening the Strait of Hormuz. However, sentiment shifted following President Trump’s address, with prices retracing much of the decline. Power contracts settled marginally higher, while gas recorded a second consecutive lower close. Market sentiment worsened after President Trump suggested that a deal with Iran may not happen until after the US midterm elections. Combined with increasingly combative rhetoric, these comments reduced expectations of meaningful diplomatic progress in the near term.

Oil prices moved lower during yesterday’s session, falling to their lowest levels in two weeks, as optimism around Middle Eastern supply grew after Iran indicated it could reopen the Strait of Hormuz within seven days if the US eased military pressure and lifted the blockade. Sentiment was also supported by Saudi Arabia’s confirmation that exports from its Yanbu port would resume following the restart of the East-West pipeline. Meanwhile, equity markets were mixed, with some indices benefiting from lower oil prices, while UK markets closed lower following disappointing government borrowing figures.

NBP (p/therm)

UK Base (£/MWh)

Close

Day on Day

Close

Day on Day

Oct-26

182.74

0.84

143.54

0.79

Nov-26

186.18

0.59

151.32

0.44

Dec-26

187.91

0.7

149.55

0.37

Q4-26

185.61

0.71

147.89

0.37

Q1-27

183.79

0.52

149.61

0.4

Q2-27

137.30

0.27

107.54

0.44

Win-26

184.71

0.62

148.83

0.52

Sum-27

131.45

0.35

103.60

1.18

Win-27

127.98

0.88

105.47

0.18

Sum-28

82.30

0.22

70.84

0.59

Win-28

89.05

0.07

79.95

0.17