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Energy Markets
06.11.2025
Crude oil prices fell to two-week lows on Wednesday due to concerns about an oversupplied market. U.S. crude inventories rose by 5.2 million barrels to 421.2 million, surpassing expectations as imports increased and refineries slowed for maintenance, according to the EIA. Losses were partly offset by a sharper drop in gasoline stocks, which fell 4.7 million barrels to 206 million. Brent crude closed 1.4% lower at $63.52 per barrel, while WTI slipped 1.6% to $59.60.
In gas markets, the NBP spot price dropped 1.3% to 77.30 p/therm, even as wind output weakened. Mild weather kept demand low, putting downward pressure on prices. On the forward curve, the Summer 2026 contract fell 1.4% to 76.14 p/therm as data from Kpler showed LNG imports to the EU and UK surged 22% in October to a seven-month high of 10.12 million tonnes.
European spot electricity prices climbed on Wednesday amid forecasts for a steep drop in wind generation. The German day-ahead price rose over 13% to 106.21 EUR/MWh, while the French contract increased to 62.30 EUR/MWh. Stronger power prices reflected expectations of reduced renewable supply and higher reliance on conventional generation.
Further along the curve, power contracts softened in line with weaker gas and carbon markets. Germany’s 2026 delivery contract eased 0.6% to 90.29 EUR/MWh, while France’s declined 1.2% to 55.30 EUR/MWh. European carbon allowances also slipped, as uncertainty over EU ministers’ talks on the 2040 climate law weighed on sentiment. December 2025 EUAs fell 1% to 81.49 EUR per tonne.