Prices close lower following a ceasefire between Israel and Lebanon
Gas and power
Power and gas prices fell moderately on Thursday to remain within the recent trading range. News of the ceasefire agreement between Lebanon and Israel helped to improve sentiment, although some further attacks were reported. President Trump again hinted that negotiations on a peace deal were close to completion, but prices saw no significant reaction. Above seasonal normal wind speeds were set to continue, helping to lower short term power prices.
Adjacent markets
UK equities traded lower for much of yesterday’s session and ultimately closed relatively flat, despite a strong start, as optimism surrounding an Israel–Lebanon ceasefire quickly faded after reports of Israeli attacks undermined the agreement just hours after its announcement. UK construction data was also in focus, with the latest figures showing output fell at its fastest pace in six years in May. Meanwhile, oil markets appeared more optimistic around the prospect of a broader peace deal, with prices trading lower throughout the session.
Closing prices
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Jul-26 | 118.05 | -0.12 | 103.21 | -0.37 |
| Aug-26 | 118.27 | -0.09 | 100.68 | -0.51 |
| Sep-26 | 119.48 | 0.05 | 103.01 | -0.67 |
| Q3-26 | 118.60 | -0.06 | 102.04 | -0.84 |
| Q4-26 | 122.31 | 0.22 | 105.03 | -0.40 |
| Q1-27 | 118.41 | 0.13 | 101.63 | -0.35 |
| Win-26 | 120.37 | 0.18 | 103.27 | -0.41 |
| Sum-27 | 85.58 | -0.34 | 77.95 | -0.25 |
| Win-27 | 86.46 | -0.68 | 80.12 | -0.22 |
| Sum-28 | 64.97 | -0.18 | 60.93 | -0.29 |
| Win-28 | 72.91 | -0.14 | 69.86 | -0.14 |