Wednesday 28th October 2026

 A mixed close, with prices remaining supported by ongoing geopolitical tensions.

Gas and power

Power and gas markets closed mixed yesterday, with front-month contracts ending higher while front season contracts eased lower. Further-dated contracts took a breather ahead of the Israeli and US mid-term elections, but prices remain supported by ongoing geopolitical tensions in the Middle East and concerns over global LNG supply security, with reports of an Iranian oil tanker catching fire east of the Strait of Hormuz. Meanwhile, senior officials from Iran, Saudi Arabia, Pakistan and Turkey held multilateral talks in Tehran, where Iran stated the US is ‘not serious’ about talks. Fundamental support for the near-term contracts came from forecast for below-seasonal temperatures heading into November, alongside restricted French nuclear availability following unplanned maintenance at the Blayais 2 reactor. 

Adjacent markets

Oil prices edged lower on Tuesday as diplomatic talks in the Middle East helped ease concerns over regional supply risks. However, prices remained close to six-month highs amid continued disruption to shipping through the Strait of Hormuz. US equities advanced, with the Nasdaq rising for a second consecutive session as semiconductor and chip stocks led gains. 

Closing prices