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Energy Markets
21.11.2025
British gas prices were steady to slightly higher on Thursday as colder weather forecasts supported demand. The NBP spot price inched up 0.7% to 82.25 p/therm, while the Q2 2026 contract stayed mostly flat at 74.14 p/therm.
Oil markets weakened slightly, with Brent crude slipping 0.2% to $63.38 per barrel amid steady fundamentals and hopes for progress in Russia-Ukraine peace talks. WTI crude also eased, falling 0.7% to finish at $59.00 per barrel.
European day-ahead power prices strengthened on expectations of higher demand due to colder weather. German spot prices jumped 16% to 146.48 EUR/MWh, while French spot prices rose 10% to 112.72 EUR/MWh. Forward power prices also increased as gas and carbon markets firmed.
European carbon prices extended their upward trend, supported by the same cold-weather outlook and positive technical signals. The December 2025 contract climbed around 1%, ending the day at 81.36 EUR/tonne.