Crude oil  prices continued to gain ground on Tuesday, boosted by progress on vaccine rollout that helped ease market concerns over a spiral virus outbreak. Hopes for a new stimulus package in the United States added further support to oil prices. Hence, Brent crude for February delivery rose by 47 cents, or 0.9%, to close at $50.76 per barrel. Meanwhile, U.S. WTI crude for January delivery increased by 63 cent, or 1.3%, to settle at $47.62 a barrel. Both contracts posted their highest levels in nine months.

Demand levels below the seasonal norm and a gas system comfortably supplied, sent NBP spot 1.6% lower at 45.75 p/therm on Tuesday. However, maintenance in the North Sea has impacted storage injections and increased supply risk for the start of next year, pushing the gas price for January delivery 2.9% higher at 49.55 p/therm. Along the forward curve, the gas price for year-ahead delivery soared by 2.1% to 43.06 p/therm, tracking bullish oil and carbon markets.

European spot electricity slipped on Tuesday amid forecasts showing a jump in wind generation and continued mild weather. As a result, the German day-ahead power price declined by 0.7% to 50.06 EUR/MWh, while the equivalent power contract in France settled at 52.10 EUR/MWh, posting a 0.6% loss day-on-day.

Year-ahead power contracts edged higher in tandem with a broader market rally. The German Cal’21 power increased by 1% to 46.79 EUR/MWh, while the similar French contract settled at 50.18 EUR/MWh, notching a 1.2% gain on a daily basis.

European carbon prices extended record highs on Tuesday in tandem with a strong energy complex and amid uncertainty about forthcoming auction supplies. As a result, EUA expiring in 2021 surged by 3.8% to 32.18 EUR/tonne.