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Energy Markets
19.12.2025
Crude oil prices edged higher on Thursday amid concerns over global supply after the U.S. blocked Venezuelan oil tankers. Brent crude rose slightly to $59.82 per barrel, while WTI increased to $56.15. Despite these gains, the broader outlook remains weak due to expectations of oversupply and ongoing Ukraine peace talks.
UK gas prices also moved higher as forecasts pointed to colder-than-normal Christmas weather and slightly lower Norwegian pipeline flows. British spot gas prices rose above 1% to 70.90 p/therm, while the Summer 2026 contract gained 0.6% to 64.26 p/therm. However, gains were capped by weak global LNG markets.
Asian LNG benchmark prices fell to 20-month lows this week, limiting upside in European gas markets. Lower demand across Asia and high inventory levels reduced the need for spot purchases. This oversupply kept international gas prices under pressure despite regional weather risks.
European power prices were mixed. German day-ahead electricity prices fell 5.6% to 70.07 EUR/MWh due to lower demand, while French prices nearly doubled after an extended outage at a nuclear reactor. Carbon prices also slipped, with EUAs for December 2026 falling 0.4% to 86.48 EUR/tonne, although losses were limited by reduced year-end auctions.