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Energy Markets
28.11.2025
Oil prices were steady on Thursday because U.S. markets were quiet for Thanksgiving. Talks in Geneva on a Russia–Ukraine peace plan have been narrowed down, but big issues are still unresolved. Brent rose slightly to $63.34 a barrel, and WTI climbed to $59.07.
British gas prices fell as supply stayed strong and the weather outlook was mild for early December. Reliable LNG shipments helped calm the market after earlier geopolitical tensions. The NBP spot price dropped to 74.90 p/therm, and the Summer 2026 contract slipped to 68.51 p/therm.
European spot power prices also declined, mainly due to forecasts for stronger wind generation. Germany’s day-ahead price fell to 85.05 EUR/MWh, while France’s dropped to 78.10 EUR/MWh. More expected wind power reduced the need for costlier sources.
Forward power prices eased too, following gas lower. Germany’s 2026 contract dipped to 87 EUR/MWh, and France’s edged down to 49.16 EUR/MWh. Meanwhile, European carbon prices rose on expectations of a tighter market next year, with Dec-2025 EUAs up to 82.21 EUR/tonne.