Prices at 3 year highs as Iran strikes LNG gas complex in Qatar

NBP gas prices have jumped up this morning, with the Summer 26 front-season contract currently trading at 3-year highs after overnight reports that Iran had struck the worlds largest LNG complex in Qatar and several waves of missile attacks were directed at Israel.

Iran also threatened to target facilities in Saudi Arabia and the UAE but these have not been hit in the latest wave of attacks, at time of writing.

Baseload power prices have soared this morning in line with the NBP and a rapid decline in wind power is adding additional support to prompt and near-curve pricing.

Global supply risks stemming from intensifying conflict in the Middle East sent the benchmark contracts for natural gas, crude oil and coal higher as both sides in the Iran war direct their attention toward critical energy infrastructure.

The carbon market continues to tumble, serving as a price ceiling for contracts further out, falling to near 11-month lows as of this morning.

If you want to see more information on the wholesale market trends subscribe to our weekly report here.

Price commentary courtesy of Crown Gas and Power