Crude oil futures jumped to their highest levels since March after OPEC+ agreed to gradually return to the market 2 million barrels per day expected early next year, starting with 500,000 barrels per day in January, at the end of four days tough negotiations. The deal is a compromise meant to allow its members to benefit from rising prices without flooding the market. Hence, Brent crude increased by 1% to settle at $48.71 a barrel. Meanwhile, U.S. WTI crude rose by 0.8% to end at $45.28 a barrel.

British near-term gas prices dropped on Thursday amid a long system, shrugging off forecasts of further cold weather next week. As result, NBP spot shed by 3% to 42.00 p/therm. Along the forward curve, the gas price for year-ahead delivery tumbled by 4.9% to 36.36 p/therm, tracking bearish carbon markets.

European spot electricity prices declined sharply on Thursday amid an improvement in renewable generation forecast. Consequently, the German day-ahead power price shrunk by 13% to 41.78 EUR/MWh, while the French equivalent contract settled at 51.15 EUR/MWh, posting a 3.8% fall day-on-day.

On the curve, year-ahead power contracts lost ground, tracking bearish carbon prices. Thus, the German Cal’21 power slipped by 0.8% to 42.57 EUR/MWh, while the similar contract in France ended at 46.10 EUR/MWh, notching a 0.2% loss on a daily basis.

EUAs expiring in 2021 declined by 1.9% to 29.20 EUR/tonne on Thursday amid a weaker energy complex due to a late oil drop and wider uncertainties over Brexit.