NBP gas contracts traded within a narrow range on Tuesday.

Gas Market

The NBP curve traded within a narrow range on Tuesday, with contracts largely moving sideways. After Monday’s tentative gains—driven by the temporary pause in U.S.-China tariffs—market participants looked to broader geopolitical developments for direction. Gains on the curve were capped The NBP curve traded within a narrow range on Tuesday, with contracts largely moving sideways. After Monday’s tentative gains—driven by the temporary pause in U.S.-China tariffs—market participants looked to broader geopolitical developments for direction. Against this backdrop, the front-month June contract traded within a 2.51p/th range, ultimately settling at 85.12p/th—up 0.52p on the day. The contract oscillated between gains and losses throughout the session. This pattern was mirrored further along the curve, with the Winter-25 contract also trading in a tight 2.04p/th range, closing at 95.14p.

Power Market

GB baseload contracts mirrored the broader NBP gas market, showing little movement in Tuesday’s trading. Near-term contracts experienced marginal losses, while those for the upcoming winter posted modest gains. The near-term contracts were weighed down by the day-on-day decline in the December 2025 UKA contract. On the prompt, the baseload day-ahead contract remained stable, supported by favourable weather conditions that are boosting solar generation, with expectations of increased wind generation in the coming days. In related news, discussions are scheduled for May 19 regarding the potential linkage of the UK and EU Emissions Trading Systems (ETS).

Oil Market

Brent crude oil extended its gains on Tuesday, building on momentum from Monday’s temporary easing of U.S.-China tariffs and a stronger-than-expected inflation report from the U.S. Labor Department. Market sentiment was buoyed by the prospect that a pause—and potential resolution—in tariff tensions could spur economic activity and, in turn, boost oil demand. Brent front-month futures settled at $66.67 per barrel, marking a 2.6% increase from the previous day. The Labor Department reported a Consumer Price Index (CPI) increase of 2.3% for the 12 months ending in April—the lowest annual inflation rate in four years. This improvement in inflation has fuelled optimism that a more stable economic environment could allow for lower interest rates, potentially stimulating further demand for crude oil and lending additional support to crude oil prices.

Markets this morning

NBP curve contracts are moving lower this morning with the front last exchanging hands at 83.46p/th, a day on day loss of 1.66p, and only marginally higher than its low of 83.16p. Zelensky continues to press Putin for peace talks which is weighing on prices while positive near term supply and demand picture is also adding to the downward momentum this morning. Crude oil prices are also moving lower, last trading at $66.19/bbl, with the market anticipating an increase in U.S. crude stockpiles and Trump announcing a possible lifting of sanctions on Syria which could stimulate oil production.