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Energy Markets

14.07.2025

Crude oil prices rose on Friday as markets tightened during peak summer demand, with refineries busy and Saudi Arabia planning its largest shipment to China in over two years. Meanwhile, U.S. drillers continued to scale back operations for an 11th week in a row, the longest decline since mid-2020.

Brent crude gained 2.5% to $70.36 per barrel and WTI crude climbed 2.8% to $68.45. However, British spot gas prices dipped slightly, falling 0.2% to 84 p/therm due to lower cooling demand and steady Norwegian supply.

On the forward curve, Winter 2025 gas contracts rose over 1% to 96.16 p/therm amid fears of new U.S. sanctions on Russian energy. European power markets diverged: German spot prices fell 17% to 72.26 EUR/MWh on weaker demand forecasts, while French spot prices rose nearly 5% to 57.11 EUR/MWh on hotter weather.

Forward power prices rose overall, tracking stronger gas markets. German Cal-2026 contracts edged up 0.4% to 87.64 EUR/MWh and French contracts gained 1% to 65.52 EUR/MWh. European carbon prices slipped 0.3% to 70.55 EUR/tonne amid uncertainty over U.S. trade policy and quiet summer trading.