22/09/2026 – The United Nations General Assembly begins, with all eyes on the United States and Iran – Read more news

GAS & POWER: Yesterday's correction was unexpected in the gas markets, which lost around 7% - or 6 €/MWh– on the front-month TTF product. The reasons are to be found in a number of different causes: the hope of a US-Iran diplomatic rapprochement on the sidelines of the UN Assembly; volumes about halved compared to expectations on THE LTO auctions for the coming winter months — products that ensure supplies for balancing and supply security purposes; finally, the prospect of a relatively mild start to October. Added to these were Trump's demands for an end to the conflict in Ukraine, which further weighed on sentiment. The abrupt movement of these last few sessions has, however, brought the Asian premium market back to Europe, with a handful of hijackings already observed in the Atlantic area, a condition that can hardly be maintained for long before the start of the winter season, from which we already expect signs of recovery this morning.

German market operator THE launched auctions yesterday to contract Long Term Options for the first quarter of 2027 — the instrument with which THE, upon payment of a premium, secures from operators the availability of gas to be recalled for German storage in case of need, such as balancing or maintaining a level of security of supplies. Volumes, around 24 TWh, were below initial market expectations, and in line with values auctioned over the same period the previous year.