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Energy Markets
13.11.2025
Crude oil prices fell to a three-week low on Wednesday after OPEC projected that global supply and demand would balance in 2026, reversing its earlier forecast of a deficit. Weak demand—especially from China, the world’s top oil importer—added pressure, raising the risk of a supply surplus. Brent crude dropped 3.8% to $62.71 per barrel, while WTI declined 4.2% to $58.49.
UK gas prices rose after an unexpected outage at Norway’s Karsto processing plant, pushing the NBP spot price up 7.8% to 68 p/therm. However, the Summer 2026 delivery contract slipped 0.4% to 74.41 p/therm, as strong LNG supply and soft Asian demand helped ease broader market concerns.
European spot electricity markets moved in opposite directions. Germany’s day-ahead power price dropped 13% to 69.85 EUR/MWh due to forecasts of stronger wind generation. Meanwhile, France’s equivalent price jumped 48% to 31.59 EUR/MWh after EDF extended outages at three nuclear reactors totaling 3.1 GW, tightening supply.
Forward electricity prices edged higher alongside gains in carbon markets. Germany’s 2026 contract rose 0.1% to 89.02 EUR/MWh, and France’s increased 0.7% to 53.02 EUR/MWh. Investor interest in European carbon allowances also grew, with net long positions reaching a multi-year high. This supported a 1.6% rise in Dec-2025 EUAs, which closed at 81.91 EUR/tonne.