Prices settle higher following reports that the EU’s 19th Russia sanctions package would be delayed.
Gas and power
Power and gas prices settled higher on Tuesday following reports that the EU’s 19th sanctions package against Russia—originally expected to be presented to member states today—will be delayed and aligned with G7 priorities. This raised concerns among market participants that the measures could be more far-reaching than initially anticipated, potentially targeting buyers of Russian gas and disrupting global LNG supply.
Adjacent markets
Oil markets rose on Tuesday on reports that Russia may be forced reduce oil production in response to recent drone attacks by Ukraine. UK stock prices fell with concerns about the strength of the UK economy and a slowing employment market. The latest US retail sales data outperformed expectations with core retail sales growing at the fastest rate since April 2024.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Oct-25 | 79.25 | 0.73 | 74.855 | 0.89 |
| Nov-25 | 84.35 | 0.78 | 84.455 | 0.96 |
| Dec-25 | 87.88 | 0.72 | 84.81 | -0.09 |
| Q4-25 | 83.83 | 0.75 | 81.395 | 0.72 |
| Q1-26 | 88.25 | 0.72 | 86.395 | 0.69 |
| Q2-26 | 79.36 | 0.58 | 75.685 | 0.77 |
| Win-25 | 86.03 | 0.73 | 83.855 | 0.66 |
| Sum-26 | 78.92 | 0.59 | 74.585 | 0.39 |
| Win-26 | 86.62 | 0.71 | 82.79 | 0.6 |
| Sum-27 | 72.63 | 0.5 | 70.195 | 0.45 |
| Win-27 | 80.50 | 0.48 | 79.4 | 0.31 |