Snapshot - 05 June 2026
UK and European gas firmed into Friday morning after a mixed Thursday, with the NBP front month back above 119 p/therm. Middle East tensions, in particular Hezbollah's rejection of a US-backed ceasefire, kept a risk premium in place and offset comfortable Norwegian supply and a heavy LNG arrivals slate. Storage remains the watch item, with UK and EU stocks sitting well below last year.
Power tracked gas higher this morning, though the bigger story is supply. UK day-ahead baseload settled around £100/MWh after a sharp lift, with several nuclear units offline limiting low-carbon output. Wind was strong midweek but is set to ease over the coming days, leaving margins tighter than the renewables picture alone would suggest.
Across the wider complex, crude eased on the day to the mid-$90s per barrel for Brent while holding a firmer weekly trend on geopolitical risk. Carbon slipped, with EUAs near €77 per tonne and UKAs near £55 per tonne, and coal edged lower. Sterling was little changed.
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