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Energy Markets
07.01.2026
Cold weather supported gas, power and carbon markets on Tuesday, while oil prices continued to fall. Crude remained under pressure as oversupply concerns outweighed geopolitical risks and uncertainty around Venezuelan output.
Brent crude dropped 1.7% to $60.70 per barrel, while WTI fell 2% to $57.13 per barrel. The declines followed volatile trading a day earlier and reflected ongoing worries about excess supply.
UK gas prices edged higher as colder temperatures offset strong supply levels. The NBP spot contract rose 0.3% to 75.72 p/therm, while the Summer 2026 contract gained 1.5% to 64.64 p/therm.
European spot power prices weakened due to higher renewable and nuclear output, but forward contracts were mostly steady. Carbon prices rose nearly 1%, with the December 2026 contract reaching 88.10 EUR/tonne, supported by colder weather and firmer gas prices.