Thursday 11 June daily market report

Prices move higher in a volatile session following comments from President Trump

Gas and power

Prices moved higher in a volatile session, ending near the top of the weekly range. Geopolitics was the key market driver, with prices supported in the afternoon following comments from President Trump that Iran would “pay the price” for taking too long to negotiate a deal. Other fundamentals remained stable, with warmer and windier weather helping to lower UK gas consumption and allowing greater injections into storage. 

Adjacent markets

Oil markets moved higher on concerns that a breakdown in the ceasefire between the US and Iran could result in a longer closure of the Strait of Hormuz. Gold prices traded close to yearly lows, as US CPI inflation reached its highest annual rate in over three years. Equity markets experienced increased volatility, with investors concerned about inflation and technology stock valuations. 

Closing prices