The NBP spot contract increased by 2.5% to 105.50 p/therm on Thursday amid anticipation of updates from Middle East peace talks, with colder weather forecasts adding mild bullishness.
On the forward curve, the Winter 2026 delivery contract gained 3% to 107 p/therm, supported by historically low gas inventories across Europe, especially in the Netherlands and Germany, and a recent slowdown in injection activity following earlier increases this month.
European spot electricity prices fell on Thursday. The German day-ahead power price dropped by 5.5% to 104.65 EUR/MWh as forecasts for weaker wind output were offset by stronger expected solar generation and lower demand heading into the weekend. Meanwhile, the French equivalent contract declined by 2% to 72.08 EUR/MWh amid mild weather forecasts.
Further along the curve, power prices tracked firmer gas markets. The German 2027 delivery contract added over 2% to 89.70 EUR/MWh, and the French equivalent contract edged 0.4% higher at 53.68 EUR/MWh.
European carbon prices rose on Thursday, driven by rising fund net length and speculative buying around key technical levels. Fuel switching further supported the market as coal remained relatively cheaper than gas. In this context, the EUAs expiring in Dec-2026 added over 1% to 75 EUR/tonne, hitting a nine-week high.