NBP reacts to wavering Ukraine peace optimism

The majority of NBP gas prices hifted higher on Monday, supported by wavering Ukraine peace optimism.

Modest gains of circa 1.5p/therm (0.05p/kWh) were posted across the near-curve, as the market weighed the rapidly evolving Ukrainian diplomatic situation against steady supply fundamentals.

Market participants were likely digesting news of the unfruitful meeting between Presidents Trump and Zelensky at the White House on Friday, which appears to have subdued Ukraine-Russia peace deal hopes, at least for the short term.

Despite the heated exchange, Zelensky reiterated his readiness to sign the mineral rights deal with the US.

In other news, UK Prime Minister Starmer led a summit involving 18 (mostly European) nations on Monday. According to the PM, four points/commitments were informally agreed upon, relating to an eventual peace with Russia.

This collaborative effort highlights the continued international support for a resolution to the conflict.

This morning, gas prices have opened in negative territory, with the Summer 25 front-season contract currently being offered circa 3p/therm (0.1p/kWh) below its previous settlement, although many contracts are yet to trade at the time of writing.

This decline may reflect market adjustments to the latest geopolitical developments and supply fundamentals.

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Price commentary courtesy of Crown Gas and Power