Snapshot - 04 June 2026
UK and European gas prices are holding firm, with front-month NBP edging up to around 119 p/therm this morning after a week of gains. The move has been driven by Middle East tensions, European storage that remains unusually low for the time of year, and a cooler turn in the weather. A reported ceasefire between Israel and Lebanon could take some heat out of the risk premium, though it is early days.
Power is pulling in two directions. A surge in wind generation has hammered the prompt, with the UK day-ahead baseload settling sharply lower at around 68 £/MWh, while the forward curve has firmed in line with gas and carbon. Constrained nuclear output and firm carbon prices are underpinning further-dated power, but a strong wind outlook is keeping a lid on near-term gains.
Across the wider complex, crude has climbed on geopolitical risk, with Brent near $98 per barrel, and coal has firmed in sympathy. Carbon eased slightly on the day but sits close to the top of its recent range. Sterling was steadier against the euro and a little softer against the dollar.
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