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Energy Markets
20.11.2025
Crude oil prices fell on Wednesday as renewed diplomatic efforts toward resolving the Russia-Ukraine conflict pressured the market. Reports indicated the U.S. is pushing a draft peace plan that would require concessions from Kyiv, while Ukraine and Turkey considered alternative negotiation channels. As a result, Brent crude dropped 2.1% to $63.51 per barrel, and WTI crude fell 2.1% to $59.44 per barrel.
British spot gas prices also slipped, falling 1.7% to 81.70 p/therm, helped by forecasts of milder weather and the return of Norwegian supply. Further along the curve, the Summer 2026 gas contract declined by 1.5% to 73.85 p/therm, supported by expanded regional supply options through Ukraine’s new northern corridor via Lithuania.
European spot electricity prices moved sharply higher due to weaker renewable generation. Germany’s day-ahead power price jumped more than 22% to 126 EUR/MWh because of expected reductions in wind and solar output. In France, the equivalent contract rose over 16% to 102.19 EUR/MWh after EDF extended an unplanned 1.3 GW outage at its Belleville 1 reactor.
Forward electricity markets, however, softened in line with weaker gas and carbon prices. Germany’s 2026 power contract fell nearly 1% to 89.61 EUR/MWh, while France’s declined 1.2% to 51.91 EUR/MWh. European carbon prices also eased, with Dec-2025 EUAs slipping 0.7% to 80.66 EUR/tonne as November option expiries added pressure despite ongoing fund buying.