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Energy Markets
30.12.2025
Crude oil prices rose on Monday as geopolitical tensions increased. Russia claimed Ukraine launched a drone attack on President Putin’s residence, which Ukraine denied, while unrest in the Middle East continued, including Saudi air strikes in Yemen. These risks lifted Brent crude by over 2% to $61.94 per barrel and WTI crude by 2.4% to $58.08 per barrel.
British spot gas prices also climbed, rising nearly 4% to 76.75 p/therm. Colder weather boosted demand, while a Norwegian Aasgard outage reduced gas flows to Europe until 1 January, tightening supply. Further out, the Summer 2026 contract gained 1% to 66.16 p/therm, supported by low EU gas storage levels, although strong LNG supply helped limit winter risks.
European spot power prices moved in different directions. German day-ahead prices fell 4% to 87.76 EUR/MWh due to forecasts of strong wind and solar generation. In contrast, French day-ahead prices jumped 5% to 84.37 EUR/MWh after EDF extended outages at two nuclear reactors, cutting 2.6 GW of capacity.
On the forward markets, weaker carbon prices weighed on power contracts. German 2026 power slipped 0.8% to 85.38 EUR/MWh, while the French equivalent eased 0.3% to 50.83 EUR/MWh. European carbon prices also fell, with Dec-2026 EU allowances down 0.6% to 87.46 EUR/tonne as profit-taking offset strong investor positioning.