British gas prices climbed on Thursday as Trump’s speech cast doubt on a swift end to the Iran conflict. Analysts note the Strait of Hormuz could remain closed through May even in a de-escalation scenario, with partial disruption lasting into June and July. The NBP spot contract rebounded by over 4% to 125.25 p/therm, while the Winter 2026 delivery contract advanced by nearly 5% to 127 p/therm.
European spot power prices slumped on Thursday. The German spot price tumbled by 26% to 84.64 EUR/MWh, amid forecasts of an increase in solar output in the days following the Easter holiday weekend. Meanwhile, the French spot price dipped by 31% to 75.41 EUR/MWh as expectations for a mild April weighed on demand.
On the forward curve, prices followed bullish gas trends. The German Cal-2027 contract rose by 1% to 92.72 EUR/MWh, and the French Cal-2027 added over 1% to 56.57 EUR/MWh.
On Thursday, European carbon markets weakened due to pre-Easter positioning, with a standard holiday-driven sell-off compounded by geopolitical uncertainty and technical selling. Consequently, the EUAs expiring in Dec-2026 dropped by 4% to 71.69 EUR/tonne.