Thursday 4 June daily market report

Prices push higher amid renewed concerns over a potential return to active conflict

Gas and power

Prices closed higher on Wednesday as renewed strikes between the US and Iran raised concerns of a return to active conflict. Gains were partially limited by reports suggesting that, despite the apparent escalation, negotiations between the two sides were continuing behind the scenes. On the fundamentals side, Norway’s Gassco announced several revisions to the summer maintenance schedule, including a 29.8 mcm/day outage at the Nyhamna plant between 8 June and 4 July. 

Adjacent markets

UK and European equity markets closed lower yesterday as renewed strikes by both the US and Iran weighed on sentiment and heightened concerns over further escalation, while the latest OECD outlook added pressure by cutting its 2026 global growth forecast to 2.8%. Domestic data also contributed to the softer tone, with UK services activity declining for the first time in more than a year. Meanwhile, oil prices moved higher, supported by the rising geopolitical tensions in the Middle East. 

Closing prices