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Energy Markets
05.12.2025
Oil prices rose on Thursday after new geopolitical worries. Ukraine attacked Russian energy sites again, including a strike on 1 December on the Druzhba pipeline, a major export route to Hungary and Slovakia. Even though the operator said flows were not disrupted, the attack renewed fears about supply risks. Brent settled up 1% at $63.26 a barrel and WTI rose 1.2% to $59.67.
Gas prices in Britain moved the other way because supply stayed strong. Norway brought production back after outages, adding more gas to the market. As a result, the UK spot gas price fell 6% to 68.10 p/therm.
LNG prices also stayed weak, which helped keep European gas well supplied. Asia’s LNG benchmark dropped to a 3.5-month low, showing soft demand there. This pulled down forward prices too, with the Summer 2026 contract falling 3.2% to 64.57 p/therm.
European power and carbon markets were mixed. Spot electricity prices jumped as wind output was expected to halve, lifting German day-ahead power 6.8% to 133.29 EUR/MWh and French day-ahead power about 5% to 80 EUR/MWh. But longer-dated power contracts slipped on weaker gas and mild weather forecasts, while EU carbon allowances edged up 0.8% to 82.43 EUR/tonne ahead of December expiries.