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Energy Markets
02.12.2025
UK gas prices fell on Monday because supply stayed strong and there was some optimism about global politics, even though storage levels are still a worry. Traders saw enough fuel coming into the system to outweigh concerns about how fast reserves are being used.
Oil markets were mostly steady. OPEC+ kept production unchanged for the first quarter of 2026 despite fears of a supply glut, leaving Brent crude almost flat around $63 a barrel. WTI rose to about $59 a barrel, helped by hints of caution from OPEC+ and new risks to supply tied to U.S. comments on Venezuela and attacks on Russian energy sites.
In the UK gas market, heavy LNG deliveries pushed prices down. British spot gas dropped about 4% to 72.35 p/therm as U.S. LNG exports climbed toward a record. Summer 2026 gas also slipped to 66.67 p/therm, with peace-talk progress between the U.S. and Ukraine easing fears about future shortages.
European power prices rose in the spot market but fell further out. Day-ahead electricity jumped in Germany and France because wind and other renewables were weaker, and French nuclear outages were extended. However, 2026 power contracts in both countries edged lower due to softer gas prices. Carbon prices also eased, with the Dec-2025 EU allowance falling to about 82.64 EUR/tonne.