The NBP spot price dropped by nearly 2% to 123.80 p/therm on Thursday, as the severe supply crunch from Norway ended. Combined export flows rebounded to 227 mcm/day as maintenance teams cleared work at the Troll, Kollsnes, and Åsgard facilities.
Further down the curve, the Winter 2026 delivery contract held at 122 p/therm, balanced by a watchful market waiting to see if Iran will accept the United States' recent framework to wind down the three-month war.
European spot power prices decreased on Thursday. The German spot price dipped by 2.6% to 106.35 EUR/MWh as robust solar output effectively capped the impact of lower wind production. Meanwhile, the French spot price fell by 1.3% to 59.77 EUR/MWh, supported by a milder weather outlook.
Further along the curve, forward contracts reflected a bearish energy market sentiment. The German Cal-2027 contract softened to 92.62 EUR/MWh, and the French Cal-2027 traded at 55.92 EUR/MWh.
Thursday saw a familiar lack of momentum across European carbon markets, with a slow trading environment wearing down participant sentiment. Market observers emphasize that regulatory overhangs will continue to fuel a range-bound market structure until the European Commission provides clear post-2030 supply adjustments in its July policy draft. Consequently, the EUAs expiring in Dec-2026 eased by 0.6% to 74.93 EUR/tonne.