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Energy Markets
30.01.2026
Brent crude rose sharply for a third straight day on Thursday, driven by renewed tensions between the US and Iran that have increased uncertainty in the Middle East. Prices climbed more than 3% to $70.71 per barrel, the highest closing level since July. US WTI crude also gained strongly, rising 3.5% to $65.42 per barrel.
UK gas prices moved higher as cold weather continued to boost demand and keep concerns over low storage levels alive. The NBP spot price increased by 1.5% to 102 p/therm. Further along the curve, the Summer-26 contract jumped over 6% to 76.90 p/therm, supported by reduced output at several US LNG facilities despite weaker US gas futures.
European spot power prices fell sharply due to forecasts for stronger wind generation. German day-ahead electricity prices dropped more than 14% to 113.69 EUR/MWh, while the French equivalent fell 11% to around 104 EUR/MWh. The increase in renewable output weighed heavily on short-term prices across the region.
In contrast, year-ahead power contracts edged higher in line with stronger gas prices. Germany’s Cal’27 contract rose 0.9% to 86.36 EUR/MWh, while France’s added 0.4% to 50.76 EUR/MWh. European carbon prices moved lower, with Dec-26 EUAs falling 3% to 83.98 EUR/tonne amid geopolitical uncertainty and selling by speculative investors.