Apr 15, 2025

Daily (15.04.2025): EUAs surged to a more-than-one-week high on Monday amid sustained short covering


Exemptions on certain electronics from U.S. tariffs and a strong recovery in China’s crude imports for March drove crude oil prices higher on Monday. However, gains were capped as persistent concerns over weakening fuel demand, driven by ongoing U.S. tariff uncertainty, weighed on the investor sentiment.

Hence, Brent crude edged 0.2% higher at $64.88 per barrel. Similarly, WTI crude increased marginally by 0.1% to $61.53 per barrel.

Unplanned outages at the Aasta Hansteen and Dvalin fields lent support to the NBP spot price, which rose by 2.4% to 84.50 p/therm on Monday.

Improved sentiment following a shift in U.S. President Donald Trump’s stance on tariffs also lent support to prices on the forward curve, with renewed buying interest emerging in the market. As a result, the Winter 2025 delivery contract climbed by almost 2%, reaching approximately 94 p/therm.

European spot power prices moved sideways on Monday, with the German spot price surging by around 7% to 70 EUR/MWh, supported by reduced solar generation. In contrast, the French spot price tumbled by over 32% to around 17 EUR/MWh, due to higher nuclear availability.

On the forward curve, European power prices climbed, tracking bullish gas and carbon prices. The German Cal-2026 contract increased by over 2% to nearly 82 EUR/MWh. Meanwhile, the French Cal-2026 rose by almost 1%, closing at 61.54 EUR/MWh.

European carbon prices soared to their highest level in over a week on Monday, buoyed by the U.S. move to postpone the rollout of new tariffs for 90 days. Additionally, reduced renewable energy output boosted demand for fossil fuels, further driving carbon allowance prices higher. As a result, EUAs expiring in Dec-2025 rose by 2.6% to 66.51 EUR/tonne.