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Energy Markets
18.07.2025
Crude oil prices fell marginally on Wednesday, weighed by a surprise build in U.S. fuel stocks and tariff-related economic concerns. Gasoline inventories rose by 3.4 million barrels and distillates by 4.2 million, both far above forecasts.
European carbon prices decreased on Wednesday, despite brief volatility sparked by progress in EU–UK carbon market linking talks, as lingering concerns over US tariffs and a potential economic slowdown continued to weigh on EUA demand. As a result, EUAs expiring in Dec-2025 slipped by 0.3% to 71.31 EUR/tonne.
The NBP spot price rose by 1.8% to 83.00 p/therm, supported by modest supply concerns after a power outage at Norway’s Nyhamna processing facility reduced gas flows by 59.8 mcm/day. Further along the curve, the Winter 2025 delivery contract edged 0.2% higher at 94.26 p/therm, amid raised concerns over potential LNG supply constraints in Europe due to Asian heatwave, though the overall risk remained limited.
European spot power prices diverged on Wednesday. The German spot price fell by 3.3% to 92.61 EUR/MWh, due to a boost in wind and solar generation. In contrast, the French spot price hiked by 41% to 91.23 EUR/MWh, as EDF reported an unplanned outage at its 1.3 GW Nogent 1 nuclear unit and announced plans to reduce output by 730 MW at the Bugey 2 reactor due to heat-related issues.