May 5, 2025
Daily (05.05.2025): British gas prices increased on Friday amid lower Norwegian flows and cold weather outlook
A cautious tone was adopted by traders ahead of the upcoming OPEC+ meeting to decide June production levels, leading to downward pressure on crude oil prices. Supply increases were anticipated, while ongoing U.S.-China trade tensions prompted demand forecasts for the year to be revised lower by analysts.
Hence, Brent crude dropped by 1.4% to $61.29 per barrel. Similarly, WTI crude lost 1.6%, settling at $58.29 per barrel.
The British spot gas price jumped by 5% to 79.40 p/therm on Friday, supported by maintenance at the Norwegian Kollsnes gas plant and thin market liquidity.
On the forward curve, the Winter 2025 delivery contract rose by 2.4% to 89.68 p/therm, following the diversion of several LNG cargoes from Europe to Asia amid narrowing price differentials, which made Asian deliveries more profitable.
European spot power prices decreased on Friday, weighed by reduced demand during the May Day holiday and higher wind output. The German spot price dipped by over 12% to around 55 EUR/MWh, while the French spot price fell by over 6% to 18.39 EUR/MWh.
In contrast, forward prices moved higher, supported by strength in gas and carbon markets. As a result, the German Cal-2026 contract ended at 84.13 EUR/MWh, while the French Cal-2026 closed at nearly 63 EUR/MWh.
European carbon prices climbed to their highest level in a month on Friday, as strong early-session buying momentum broke through key technical resistance levels, supported by technical trading activity and colder weather forecasts. As a result, EUAs expiring in Dec-2025 surged by 2.6% to 68.76 EUR/tonne.
Hence, Brent crude dropped by 1.4% to $61.29 per barrel. Similarly, WTI crude lost 1.6%, settling at $58.29 per barrel.
The British spot gas price jumped by 5% to 79.40 p/therm on Friday, supported by maintenance at the Norwegian Kollsnes gas plant and thin market liquidity.
On the forward curve, the Winter 2025 delivery contract rose by 2.4% to 89.68 p/therm, following the diversion of several LNG cargoes from Europe to Asia amid narrowing price differentials, which made Asian deliveries more profitable.
European spot power prices decreased on Friday, weighed by reduced demand during the May Day holiday and higher wind output. The German spot price dipped by over 12% to around 55 EUR/MWh, while the French spot price fell by over 6% to 18.39 EUR/MWh.
In contrast, forward prices moved higher, supported by strength in gas and carbon markets. As a result, the German Cal-2026 contract ended at 84.13 EUR/MWh, while the French Cal-2026 closed at nearly 63 EUR/MWh.
European carbon prices climbed to their highest level in a month on Friday, as strong early-session buying momentum broke through key technical resistance levels, supported by technical trading activity and colder weather forecasts. As a result, EUAs expiring in Dec-2025 surged by 2.6% to 68.76 EUR/tonne.