Prices remain rangebound amid the absence of a major catalyst
Gas and power
Prices settled close to Wednesday’s levels as the market lacked a major breakthrough or headline catalyst, while the continuation of peace talks helped limit upside momentum. However, downside moves also proved short-lived after reports suggested Iran is hardening its stance on one of the key US demands. The development could further complicate efforts by Donald Trump to secure a deal and end the conflict. For now, markets remain finely balanced as participants await signs of a compromise.
Adjacent markets
Oil prices rose on Thursday but remain in the middle of the recent trading range. The recent optimism around an imminent US-Iran peace deal was tempered by reports that the Iranian Supreme Leader has issued a ruling that no uranium can be sent abroad. The FTSE 100 posted a small gain, as data showed the PMI data showed the UK economy moved into contraction for the first time in a year.
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Jun-26 | 121.01 | 0.74 | 102.48 | 1.00 |
| Jul-26 | 120.24 | 0.61 | 101.93 | 0.52 |
| Aug-26 | 120.48 | 0.56 | 99.69 | 0.32 |
| Q3-26 | 120.78 | 0.55 | 101.45 | 0.67 |
| Q4-26 | 123.85 | 0.73 | 104.19 | 0.60 |
| Q1-27 | 120.57 | 0.43 | 101.51 | 0.05 |
| Win-26 | 122.22 | 0.58 | 102.78 | 0.33 |
| Sum-27 | 86.46 | 0.39 | 75.59 | 0.53 |
| Win-27 | 86.69 | 0.31 | 78.78 | 0.47 |
| Sum-28 | 64.23 | 0.50 | 59.84 | 0.55 |
| Win-28 | 71.47 | 0.02 | 67.58 | 0.42 |