UK gas prices showed little direction on Thursday. The NBP spot contract edged 0.3% lower at 131.80 p/therm on Thursday, as traders monitored whether prices could stabilise at current levels despite persistent geopolitical risks.
In contrast, the Winter 2026 delivery contract added 0.4% to 133.86 p/therm, as stronger LNG demand in Asia and tighter regional supply continued to underpin longer-dated prices.
European spot power prices retreated on Thursday. The German spot price slumped by 12% to 140.63 EUR/MWh as higher wind generation and lower demand eased supply pressures. Meanwhile, the French spot price dropped by 8% to 140.73 EUR/MWh as cooler temperatures reduced demand, offsetting the impact of EDF extending 2.8 GW of heat-related nuclear output restrictions, equivalent to around 12% of available capacity, into Friday.
Further along the curve, weaker carbon prices weighed on power futures. The German Cal-2027 contract lost 0.8% to 103.24 EUR/MWh, and the French Cal-2027 inched up by 0.2% to 64.09 EUR/MWh.
Ahead of Friday's EU ETS reform announcement, traders continued to reduce exposure in the carbon market on Thursday, pushing European allowance prices lower. Consequently, the EUAs expiring in Dec-2026 fell by 2.4% to 79.19 EUR/tonne.