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Energy Markets
03.06.2026
Oil markets moved higher on Tuesday, reaching a one-week high as traders continued to monitor developments in ongoing US-Iran negotiations. While reports suggested Iran was reviewing a proposed agreement and discussions had slowed, comments from President Trump indicated talks remain active. As a result, Brent crude rose by 1% to $96 per barrel, while WTI gained 1.7% to $93.76 per barrel.
In the gas market, the NBP spot contract fell by 4.3% to 115.70 p/therm. Increased Norwegian gas exports, softer demand and the UK's purchase of two LNG cargoes for June 2026 delivery all helped ease market pressure. Further along the curve, the Winter 2026 contract declined by 2.2% to 117.31 p/therm as European gas storage levels moved above 40%, providing additional confidence around supply levels.
Power markets were weaker across Europe. The German day-ahead contract dropped by 16% to 102.64 EUR/MWh as stronger wind generation forecasts increased supply. In France, strong nuclear availability pushed the day-ahead price down by 61% to 8.96 EUR/MWh. Forward power contracts also softened, with the German 2027 contract falling 1% to 94.66 EUR/MWh and the French equivalent declining 1% to 56.79 EUR/MWh.
European carbon markets edged higher despite broader weakness across energy markets. Trading activity focused on key technical levels ahead of a scheduled two-week break in carbon auctions. As a result, EUAs for December 2026 delivery rose by 0.4% to 79.50 EUR/tonne.