Tuesday 9 June daily market report

Prices settle close to monthly highs on an escalation of the conflict between Iran and Israel

Gas and power

Power and gas prices closed near monthly highs on Monday following renewed attacks between Iran and Israel, although gains were capped after President Trump urged both sides to “stop shooting.” The Iranian military confirmed it would pause further strikes but warned that any Israeli action against Lebanon would trigger a renewed response. On the fundamentals side, feedgas flows into the Freeport LNG facility in the US increased following the resolution of an outage at one of its production trains over the weekend. 

Adjacent markets

Renewed air strikes in the Middle East pushed oil prices higher and weighed on European stocks in early trading. However, major indexes advanced on Monday as chipmakers rebounded from a sharp sell-off the previous week. Investors were also encouraged by signs of easing tensions in the region. Iran's military announced that the first wave of attacks on Israel since the April ceasefire had concluded. Meanwhile, Israel halted strikes on Iran at the request of US President Donald Trump, helping to calm market concerns. 

Closing prices