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Energy Markets
25.11.2025
Crude oil prices rose on Monday as traders watched new developments in Ukraine peace talks. A revised U.S.–Ukraine plan could allow more Russian oil exports, which would increase global supply. At the same time, markets are still focused on fresh U.S. sanctions on Rosneft and Lukoil that began on Nov. 21 and limit their export routes and overseas business. Brent crude and U.S. WTI both gained about 1.3%, ending near $63 and $59 a barrel.
British spot gas prices fell because near-term weather looks milder and LNG supplies remain strong. The market expects 18 LNG cargoes in November and two more in December, adding to supply. That helped push the U.K. spot price down 1.3% to about 78 p/therm.
Gas prices further out also softened. The Summer 2026 contract slipped 1% to roughly 70.5 p/therm after reports of progress in weekend peace talks between the U.S. and Ukraine. Traders said President Trump has set a Thursday deadline for an agreement, while European leaders are still pushing for changes to the terms.
European power markets were mixed, and carbon prices edged up. Germany’s day-ahead electricity price climbed to about 221 EUR/MWh as weaker wind and solar output and stronger demand were expected. France’s day-ahead price dropped sharply to around 70 EUR/MWh on hopes of better nuclear availability. Longer-dated German and French power contracts fell in line with weaker gas, and EU carbon allowances for Dec-2025 rose slightly to about 80.6 EUR/tonne.