Oil prices extended gains on Monday, after the new Saudi energy minister assured that his country will keep limiting oil production in order to help the oil market reach a better balance. As a result, WTI futures hiked by 2.4% to 57.85 USD/bbl, while Brent crude ended 1.7% higher at 62.59 USD/bbl.

British wholesale gas prices were mixed on Monday. The NBP spot price soared by 6% to 26.50 p/therm, as falling temperatures raised residential consumption. Moreover, a sharp decline in wind generation boosted gas-for-power demand. Firmer oil prices also supported the market. On the other side, the November 2019 delivery contract inched 0.8% lower at 42 p/therm, weighed by bearish carbon prices and upcoming LNG arrivals.

European spot power prices continued their upward evolution on Monday amid rising consumption due to a drop in temperatures below seasonal norms in the region. The German day-ahead power price climbed by 2.5% to 36.82 euros/MWh, while the French spot electricity contract posted a 8.6% hike, closing at 35.60 euros/MWh.

Further on curve, electricity prices also remained bullish on Monday, influenced by gains in several gas contracts, as well as by higher coal and oil prices. The German Cal20 delivery contract traded up by 0.2% at 47.92 euros/MWh. Similarly, the French equivalent advanced by 0.3% to 49.75 euros/MWh.

European carbon prices edged down on Monday amid surging auction supply and current political worries. The 2019-expiry contract settled 0.2% lower at 25.02 euros/tonne, with gains being capped by firmer coal prices and the upward movements in several gas contracts.