Prices reverse as US pause attacks on Iran

Gas prices lifted into the close on Friday, reversing the small losses clawed back in the previous session.

According to data from ICE, the Winter 26 front-season contract netted gains of 10.2% over the course of last week alone.

Fears of further disruption to global shipping routes dominated market sentiment, with lingering storage concerns serving as a secondary source of support.

This morning however, the market has seen a substantial reversal following news that the US was pausing attacks on Iran to give talks “some space”.

This latest development has likely removed some risk premium from the curve, with the front-season contract currently trading at around 10p/therm (0.34p/kWh) below its previous settlement, at the time of writing.

Baseload power prices pushed higher alongside natural gas last week, driven largely by a heavy reliance on interconnector imports.

With imports averaging roughly 25% of the total generation stack Monday–Friday, domestic power supply remained particularly sensitive to external market dynamics, such as high cooling demand on the continent.

In addition, persistent bullish sentiment across wider oil and gas markets served as the primary source of support at the front end of the curve.

Although this tight coupling between import dependency and broader energy market strength continues to place firm upward pressure on near-term power contracts, near-dated baseload prices have experienced a similar downward correction this morning.

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Price commentary courtesy of Crown Gas and Power