Markets This Morning
After yesterday’s break in the recent run of increases, UK natural gas prices are oscillating between gains and losses this morning. The front month last traded at 149.97p per therm which is a half a penny above last night’s settlement. A little further along the curve, the Winter-26 contract is down 0.20p at 149.73p. Crude oil prices have weakened in early trades across Asia and Europe. The September contract for Brent last exchanged at $97.01 a barrel, down $3.68 as investors cash out profits after prices hit the fresh 2-month highs yesterday. Tensions in the Middle East continue to mount with the U.S. launching attacks on Iran overnight and the President has said he is not ready for negotiations yet.
Yesterday in Summary
Reports of Saudi tankers being attacked in the Red Sea sparked fears of supply disruptions and pushed crude oil prices above the $100 a barrel mark yesterday. Houthi rebels are targeting oil tankers from Saudi Arabia using the Bab el-Mandeb Strait leaving the Red Sea on route to the East. The September contract for Brent settled $6.62 higher at $100.69 a barrel, the highest close for the global benchmark since 22-May. In the gas markets, early gains ceded to losses after near months for the NBP reach new highs since the war with Iran began. August peaked at 154.72p per therm yesterday but a slow sell off saw the contract drop over 5.00p intra-day to settle at 149.45p. The Winter-26 contract eased by 0.72p to 149.93p.
