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Energy Markets
02.04.2025
British gas prices surged on Tuesday due to a decline in Norwegian gas flows. At the same time, crude oil prices fell as traders worried about a potential global trade conflict. Brent crude dropped by 0.3% to $74.49 per barrel, while WTI crude slipped 0.4% to $71.20 per barrel. The market was also awaiting retaliatory tariffs expected to be announced by U.S. President Joe Biden on Wednesday.
The National Balancing Point (NBP) spot price rose by about 6% to 102.60 pence per therm, driven by reduced Norwegian gas supplies and maintenance at a Qatari LNG facility. Meanwhile, geopolitical uncertainty pushed forward gas prices higher, with the Winter 2025 delivery contract rising 4% to 108.65 pence per therm.
In the electricity market, European spot power prices fell sharply due to an expected surge in wind power output. The German spot price dropped by nearly 35% to around 62 EUR/MWh, while the French spot price plummeted by over 48% to 28.43 EUR/MWh. Stable weather conditions also contributed to lower demand. However, forward power prices rose, following gains in gas and carbon markets. The German Cal-2026 contract increased by over 2% to 87 EUR/MWh, while the French Cal-2026 rose by 2.4% to nearly 64 EUR/MWh.
European carbon prices rebounded on Tuesday due to technical buying and improved economic indicators, such as stronger manufacturing data and lower inflation in the EU. As a result, carbon allowances (EUAs) expiring in December 2025 increased by 2.8% to around 70 EUR/tonne.