Prices gained as markets grew anxious around ceasefire potential.
Gas and power
Gas and power prices moved higher on Thursday, recovering from earlier declines as markets reassessed the likelihood of a near-term resolution to US–Iran tensions, which continue to disrupt Middle East energy flows. In contrast, prices further along the power curve, from Summer-28 onwards, softened after news that the UK plans to scrap its carbon price support mechanism for electricity generation from April 2028, reducing longer-term cost pressures on the market.
Adjacent markets
Equities traded mostly higher on Thursday as positive company earnings and hopes for a swift end to the current blockade of the Strait of Hormuz boosted market sentiment. Oil prices also moved higher but remained within their weekly range, as traders await further news on a potential resolution to the blockade. Meanwhile, the latest eurozone CPI data showed prices rising more than expected in March, with inflation remaining above the ECB’s target.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| May-26 | 106.40 | 2.87 | 87.51 | 2.77 |
| Jun-26 | 104.59 | 2.77 | 90.45 | 2.52 |
| Jul-26 | 102.98 | 2.73 | 89.62 | 2.32 |
| Q3-26 | 103.87 | 3.10 | 89.59 | 2.43 |
| Q4-26 | 107.47 | 3.22 | 92.82 | 3.10 |
| Q1-27 | 107.06 | 3.72 | 92.54 | 3.56 |
| Win-26 | 107.27 | 3.47 | 92.51 | 3.38 |
| Sum-27 | 82.58 | 2.94 | 72.63 | 2.47 |
| Win-27 | 83.06 | 2.71 | 76.60 | 1.72 |
| Sum-28 | 64.58 | 2.29 | 60.14 | -2.13 |
| Win-28 | 70.38 | 1.15 | 69.41 | -1.74 |