Stay up-to-date
Energy Markets
26.02.2026
EUAs rallied on Wednesday as traders continued adjusting their positions. December 2026 carbon contracts rose 2.7% to 72.58 EUR/tonne. Net long positions fell to a five-month low, while short positions climbed to their highest level since late August, suggesting the recent sell-off may be nearing its end.
Oil prices moved within a tight range despite a sharp 16-million-barrel build in U.S. crude inventories, well above expectations. Concerns about a potential U.S.-Iran conflict remained in focus. Brent edged up to $70.85 per barrel, while WTI slipped 0.3% to $65.42 per barrel.
UK gas prices were mixed. The British spot price fell 2.6% to 73.35 p/therm as supply stayed comfortable, supported by a 3% monthly rise in LNG deliveries and steady Norwegian flows. In contrast, the Summer 2026 contract gained 1% to 73.84 p/therm due to ongoing geopolitical risks.
European spot power prices declined sharply. The German day-ahead contract dropped 18% to 76.89 EUR/MWh as wind output is expected to more than double, while the French equivalent fell 15% to 22.75 EUR/MWh on milder weather. On the forward curve, Germany’s 2027 contract rose 0.5% to 80.11 EUR/MWh, whereas the French 2027 contract fell 2% to 51.22 EUR/MWh.