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Energy Markets
15.09.2026
Oil prices moved higher on Monday as fresh supply concerns in the Middle East increased market risk. The closure of Saudi Arabia’s East-West Pipeline following a drone attack added to earlier concerns over strikes on energy infrastructure and vessels. As a result, Brent crude rose 1% to $105.68/bbl, while WTI gained 1.3% to $101.39/bbl as traders continued to monitor the risk of further disruption to regional supplies.
UK gas prices strengthened sharply as Norwegian supply disruptions added further pressure to the market. An unplanned outage at the Ormen Lange field reduced flows to the rest of Europe by 14.9mcm/day, pushing the NBP spot contract 4.3% higher to 207.35 p/therm. Further along the curve, the Winter 2026 contract rose 3.7% to 207.50 p/therm as ongoing Middle East tensions kept concerns over winter supply elevated.
European spot power prices rebounded on Monday as lower renewable generation was expected to tighten the market. German day-ahead prices climbed 30.5% to 180.07 EUR/MWh as solar and wind output in central Europe was forecast to decline. French prices also rose 30.4% to 170.63 EUR/MWh, with heat-related nuclear outages expected to remain at 5.1 GW, equal to 8.2% of installed capacity. Further along the curve, firmer gas prices supported power futures, with German Cal-2027 rising 3% to 135.80 EUR/MWh and the French contract gaining 3.6% to 92.80 EUR/MWh.
European carbon prices extended their recent rally on Monday, reaching their highest level since January as stronger gas prices and developments around EU ETS reform provided support. Market attention also turned to the approaching annual compliance deadline, which added further buying interest. Consequently, Dec-2026 EUAs surged 3% to 88 EUR/tonne, with the carbon market continuing to track developments across the wider energy complex.