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Energy Markets
19.08.2025
Oil prices rose on Monday as geopolitical uncertainty kept traders cautious. Markets were balancing mixed signals from Washington over Ukraine alongside the impact of sanctions on Russian crude. Support for prices also came from a Ukrainian strike on Russia’s Druzhba pipeline, which disrupted flows to Hungary and Slovakia. Brent crude climbed 1.1% to $66.60 a barrel, while WTI gained 1% to $63.42.
UK gas prices also moved higher, with near-term contracts boosted by unexpected Norwegian maintenance. The NBP spot price rose 1.3% to 76.10 p/therm. Further out, the NBP Summer 2025 contract edged up 0.3% to 84.20 p/therm, supported by easing geopolitical risk around Russia and Ukraine, as markets awaited developments from the Trump–Zelenskiy meeting.
European power prices surged, driven by lower renewable output and stronger demand. The German day-ahead price jumped 35% to 82.39 EUR/MWh, while the French equivalent soared 51% to 71.24 EUR/MWh. Forward contracts followed the bullish gas market, with Germany’s Cal’2026 contract up 0.7% at 83.82 EUR/MWh and France’s equivalent rising 0.6% to 60.44 EUR/MWh.
Carbon markets joined the rally, supported by geopolitical headlines ahead of the Trump–Zelenskiy meeting. EU Allowances for December 2025 delivery rose 1.6% to 71.82 EUR/tonne. Broader energy markets, however, remained subdued after an inconclusive US–Russia summit in Alaska, leaving traders watchful of further political signals.