Jun 12, 2025
Daily (12.06.2025): Oil prices reached a 2-month high on Wednesday amid rising Middle East tensions
Crude oil prices climbed to their highest level in two months on Wednesday, driven by escalating tensions in the Middle East. The rally was sparked by reports of a potential U.S. embassy evacuation in Iraq and the possible withdrawal of military dependents from Bahrain, which surprised markets and heightened fears over sustained sanctions on Iranian oil.
Hence, Brent crude surged by 4.3% to $69.77 per barrel. Similarly, WTI crude soared by nearly 5% to $68.15 per barrel.
Ongoing maintenance in Norway lent support to the British spot gas price on Wednesday. As a result, the NBP spot price increased by 1.5% to 83 p/therm, also lifted by a two-week delay in Hartlepool 1 nuclear reactor's return.
Further along the curve, the Winter 2025 delivery contract hiked by 3.4% to 95.57 p/therm, as the market eyed winter restocking, while Germany lagged due to low inventories at its key Rehden site, sparking intervention concerns.
European spot power prices decreased on Wednesday. The German spot price dropped by over 17% to 59.28 EUR/MWh, as stronger solar output offset weaker wind generation. Meanwhile, the French spot price dipped by around 11% to 27.28 EUR/MWh, driven by warmer weather.
On the forward curve, prices rose in line with a bullish energy complex. The German Cal-2026 contract gained 2.8%, settling at 89.27 EUR/MWh. Meanwhile, the French similar contract hiked by 6.3% to 66.19 EUR/MWh.
European carbon prices recovered on Wednesday, driven by reports of corrosion at a French nuclear plant that lifted energy markets, alongside a rise in speculative long positions last week. As a result, EUAs expiring in Dec-2025 increased by 2.3% to 74.36 EUR/tonne.
Hence, Brent crude surged by 4.3% to $69.77 per barrel. Similarly, WTI crude soared by nearly 5% to $68.15 per barrel.
Ongoing maintenance in Norway lent support to the British spot gas price on Wednesday. As a result, the NBP spot price increased by 1.5% to 83 p/therm, also lifted by a two-week delay in Hartlepool 1 nuclear reactor's return.
Further along the curve, the Winter 2025 delivery contract hiked by 3.4% to 95.57 p/therm, as the market eyed winter restocking, while Germany lagged due to low inventories at its key Rehden site, sparking intervention concerns.
European spot power prices decreased on Wednesday. The German spot price dropped by over 17% to 59.28 EUR/MWh, as stronger solar output offset weaker wind generation. Meanwhile, the French spot price dipped by around 11% to 27.28 EUR/MWh, driven by warmer weather.
On the forward curve, prices rose in line with a bullish energy complex. The German Cal-2026 contract gained 2.8%, settling at 89.27 EUR/MWh. Meanwhile, the French similar contract hiked by 6.3% to 66.19 EUR/MWh.
European carbon prices recovered on Wednesday, driven by reports of corrosion at a French nuclear plant that lifted energy markets, alongside a rise in speculative long positions last week. As a result, EUAs expiring in Dec-2025 increased by 2.3% to 74.36 EUR/tonne.