Wednesday 3 June daily market report

Prices edge lower as markets await direction from US–Iran talks

Gas and power

Power and gas prices mostly edged lower on Tuesday, as markets looked for clearer signals from ongoing US–Iran discussions. This followed testimony from US Secretary of State Marco Rubio before Congress, where he suggested Iran may be open to negotiating certain elements of its nuclear programme. On the supply side, feed gas flows into US LNG export facilities fell to a four-month low, with both Cameron and Freeport continuing to operate at reduced capacity. 

Adjacent markets

UK and European equities managed to retain gains and close higher yesterday, spurred by strength in the AI sector, despite uncertainty amongst investors amid conflicting signals around the status of US and Iranian peace negotiations. Investors in the UK also digested the latest housing data, which showed a monthly drop in house prices during May whilst figures from the Bank of England showed a surprising increase in mortgage approvals during April. Meanwhile, oil prices remained relatively flat during the session as investors awaited further developments from the US-Iran conflict. 

Closing prices