Stay up-to-date
Energy Markets
06.02.2026
Oil prices fell as fears of a Middle East supply disruption eased after confirmation that U.S. and Iranian officials will meet on Friday. Despite ongoing disagreements, the prospect of talks pressured the market. Brent crude dropped 2.8% to $67.55 per barrel, while WTI fell 2.8% to $63.29.
Gas prices moved higher as colder weather forecasts extended the mid-February cold spell across Europe. British spot gas rose 3.5% to 85.80 p/therm. Further out, the Summer 2026 contract gained 1.3% to 73.39 p/therm, supported by rapidly falling storage levels, with European inventories near 39% and expected to drop to around 23% by spring.
European power prices were mixed. German day-ahead electricity jumped more than 10% to 121.88 EUR/MWh due to lower expected wind and solar output. In contrast, French day-ahead prices fell 1.3% to 69.35 EUR/MWh as milder temperatures were set to reduce peak demand.
Power futures declined alongside weaker carbon prices. German 2027 contracts fell 1.8% to 82.27 EUR/MWh, while French 2027 contracts dropped 1.8% to 48.79 EUR/MWh. Meanwhile, EU carbon prices slid to a four-month low, with Dec-2026 EUAs down 5.7% at 78.20 EUR/tonne amid speculation the EU may soften post-2030 emissions targets.