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Energy Markets
09.09.2025
British gas prices climbed close to two-week highs on Monday, driven by seasonal maintenance and rising geopolitical risks. Crude oil also rose after OPEC+ announced only a modest output increase of 137,000 barrels per day for October, much smaller than previous hikes. Prices gained further support on expectations of tougher U.S. sanctions on Russian crude, with Brent crude up 0.8% to $66 a barrel and WTI up 0.6% to $62.26.
Cooler weather forecasts and continued Norwegian maintenance pushed up British gas prices, with the NBP spot price jumping 5% to 81.15 p/therm. Demand from Asia ahead of winter also tightened LNG supplies to Europe. Looking further out, the Winter 2025 gas contract rose by more than 3% to 87.67 p/therm, as EU officials consider faster action to reduce reliance on Russian energy following intensified attacks.
European power markets also surged. The German day-ahead price soared by 88% to 142.45 EUR/MWh amid weak wind and solar output. In France, the equivalent climbed to 51.58 EUR/MWh as strikes cut nuclear output by 590 MW, with more disruptions expected. On the forward curve, prices tracked broader energy strength, with the German 2026 contract up 1.4% to 87.88 EUR/MWh and the French contract up 1% to 60.66 EUR/MWh.
Carbon prices in Europe hit a near seven-month peak. Gains were supported by stronger gas, steady buying, and technical signals, as well as compliance demand ahead of options expiry. EU carbon allowances for December 2025 rose 0.8% to 76.04 EUR per tonne, extending the rally across the energy complex.