May 9, 2025
Daily (09.05.2025): Oil prices climbed on Thursday, following the news of a US-UK trade agreement
Oil prices rose by around 3% on Thursday, supported by the announcement of a trade agreement between the United States and the United Kingdom, which boosted hopes for a broader easing of the trade war initiated by Donald Trump. Brent crude settled at $62.84 per barrel, while WTI ended the session at $59.91.
An increase in Norwegian imports weighed on the spot British gas market, leading to a slight decline in the NBP spot price, which edged 0.4% lower at 82.65 p/therm.
Nevertheless, the NBP Winter 2025 delivery contract rose by 1.4% to 94.43 p/therm, supported by mounting concerns over delays in renewable deployment, ongoing geopolitical tensions, and revived hopes that improved U.S.-China relations might help reduce recession risks.
European spot power prices diverged on Thursday. In Germany, the spot price plunged by 21% to 81.11 EUR/MWh, driven by rising solar output. In contrast, the French spot price surged by 52% to 153.00 EUR/MWh, amid weaker renewable generation and stronger demand.
On the forward curve, prices were also mixed. The German Cal 2026 contract extended its gain by 0.6%, reaching nearly 87 EUR/MWh, amid bullish gas prices. Meanwhile, the French Cal 2026 contract declined by 1.4% to 62.46 EUR/MWh, due to a technical correction.
European carbon prices eased on Thursday, pulling back from a six-week high. However, bullish gas prices limited losses. Thus, EUAs expiring in December 2025 fell by 0.5% settling at 70.72 EUR/tonne.
An increase in Norwegian imports weighed on the spot British gas market, leading to a slight decline in the NBP spot price, which edged 0.4% lower at 82.65 p/therm.
Nevertheless, the NBP Winter 2025 delivery contract rose by 1.4% to 94.43 p/therm, supported by mounting concerns over delays in renewable deployment, ongoing geopolitical tensions, and revived hopes that improved U.S.-China relations might help reduce recession risks.
European spot power prices diverged on Thursday. In Germany, the spot price plunged by 21% to 81.11 EUR/MWh, driven by rising solar output. In contrast, the French spot price surged by 52% to 153.00 EUR/MWh, amid weaker renewable generation and stronger demand.
On the forward curve, prices were also mixed. The German Cal 2026 contract extended its gain by 0.6%, reaching nearly 87 EUR/MWh, amid bullish gas prices. Meanwhile, the French Cal 2026 contract declined by 1.4% to 62.46 EUR/MWh, due to a technical correction.
European carbon prices eased on Thursday, pulling back from a six-week high. However, bullish gas prices limited losses. Thus, EUAs expiring in December 2025 fell by 0.5% settling at 70.72 EUR/tonne.