British gas prices rose on Thursday, underpinned by ongoing Middle East tensions after Iran dismissed a US 15-point peace proposal, keeping concerns alive over possible LNG disruptions via the Strait of Hormuz. The NBP spot contract rebounded by 5.4% to 136.70 p/therm, while the Summer 2026 delivery contract advanced by 4.6% to 137.77 p/therm.
European spot power prices hiked on Thursday. The German spot price jumped by 30% to 118.53 EUR/MWh, as forecasts indicated a halving in wind power generation. Meanwhile, the French spot price climbed by 63% to 115 EUR/MWh amid temperatures remaining below seasonal norms.
On the forward curve, prices followed bullish gas and carbon trends. The German Cal-2027 contract surged by 2.5% to 97.73 EUR/MWh, and the French Cal-2027 contract added nearly 3% to 59.55 EUR/MWh.
European carbon prices ticked higher on Thursday, supported by stronger energy markets amid mixed Iran-related news and Persian Gulf tensions, while Market Stability Reserve (MSR)-related uncertainty continued to weigh on the sentiment. Consequently, the EUAs expiring in Dec-2026 rose by 1.3% to 71.65 EUR/tonne.