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Energy Markets
23.02.2026
EUAs gained momentum on Friday as market sentiment turned more positive. European carbon prices edged higher on stronger buying interest and attempts to break key resistance levels, despite ongoing policy uncertainty. As a result, the December 2026 EUA contract rose 3.4% to 73.78 EUR/tonne.
Crude oil prices also inched up, supported by renewed tensions between the US and Iran after Washington set a 10–15 day deadline for a nuclear deal. Additional support came from a sharp 9 million barrel drop in US crude inventories, which are now close to 5% below the five-year average. Brent rose slightly to $71.76 per barrel, while WTI traded around $66.48 per barrel.
In gas markets, the British spot contract increased 0.8% to 80.25 p/therm, helped by geopolitical concerns but limited by milder and windier weather. Meanwhile, the Summer 2026 contract fell 4.2% to 74.91 p/therm due to strong supply, lower US futures, and near-record LNG feedgas flows.
European spot power prices dropped sharply as milder weather and stronger solar output reduced demand. The German day-ahead price fell 28% to 62.51 EUR/MWh, and the French equivalent plunged 64% to 16.74 EUR/MWh. However, forward contracts were firmer, with the German 2027 contract rising 1% to 81.70 EUR/MWh and the French contract gaining nearly 1% to 53.30 EUR/MWh.