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Energy Markets
10.12.2025
Oil prices fell on Tuesday because supply stayed high and demand looked uncertain. Iraq’s West Qurna 2 field restarted output, adding more oil to the market. Traders also watched Russia-Ukraine peace talks and the next US interest-rate decision. Brent crude slipped almost 1% to about $61.94 a barrel, and WTI dropped 1% to around $58.25.
British gas prices moved the other way. Even with mild weather and plenty of supply, prices rose because power demand increased as wind generation dropped. With less wind power available, gas-fired plants had to run more. The NBP spot gas price jumped over 4% to 69.50 p/therm.
Further out on the market curve, Summer 2026 gas also strengthened. The contract rose 1.8% to 64.81 p/therm. Support came from worries that a Ukraine peace deal could be delayed and from a cold spell in the US that might disrupt LNG exports. Shipments to Europe still looked profitable, though the advantage was slightly smaller.
European electricity and carbon markets were mixed but generally firmer. Germany’s day-ahead power price fell 14% to 78.50 EUR/MWh on expectations of stronger wind, while France’s rose to 67.45 EUR/MWh because nuclear supply was lower. Longer-dated 2026 power prices gained in both countries, helped by higher gas and carbon costs. EU carbon prices also climbed, with December 2025 EUAs up 1% to 82.85 EUR/tonne as buyers increased purchases before year-end.