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Energy Markets
22.10.2025
Crude oil prices rose modestly on Tuesday, rebounding from five-month lows as easing U.S.–China trade tensions improved sentiment. Hopes for a U.S.–Russia summit on the Ukraine conflict faded, but a decline in U.S. oil inventories helped limit supply worries. Brent crude gained 0.5% to $61.32 per barrel, while WTI crude slipped slightly to $57.24 per barrel.
British spot gas prices fell amid strong supply. The NBP spot dropped 0.5% to 77.25 p/therm as the UK secured several LNG shipments for October and November. The decline was cushioned by an extended outage at Norway’s Oseberg field and forecasts for colder weather across Europe, which may boost demand.
Further along the curve, the Summer 2026 gas contract climbed 1.3% to 75.76 p/therm. Prices were supported by expectations of tighter long-term supply after EU ministers confirmed plans to phase out Russian gas imports by 2028, signaling a gradual shift toward energy diversification.
European electricity markets strengthened. German day-ahead power rose to 125.07 EUR/MWh as wind output was set to drop sharply, while French prices jumped 18% to 67.07 EUR/MWh amid strikes and a prolonged reactor outage. Carbon prices eased slightly, with Dec-2025 EUAs slipping 0.3% to 79.58 EUR/tonne as traders awaited the next COT report and a pause in primary auctions.