Jun 13, 2025
Daily (13.06.2025): EUAs surged to a nearly four-month peak amid French nuclear concerns
Crude oil prices edged down on Thursday as investors locked in gains after a 4% rally the previous day, driven by concerns over potential supply disruptions in the Middle East. A brief correction was expected, with technical indicators signalling overbought conditions.
Hence, Brent crude fell by 0.6% to $69.36 per barrel. Similarly, WTI crude slipped by 0.2% to around $68 per barrel.
Concerns over lower French nuclear output this summer boosted the British spot gas price on Thursday. As a result, the NBP spot price climbed by over 4% to 86.50 p/therm, amid fears that prolonged nuclear constraints in France could increase demand for gas-fired power to meet summer electricity needs.
Further along the curve, the Winter 2025 delivery contract rose by 1.2% to 96.71 p/therm, supported by EU storage levels at 52% - about 22 points below the same period last year.
European spot power prices diverged on Thursday. The German spot price dropped by over 12% to around 52 EUR/MWh, as higher wind output was expected to compensate for lower solar generation. In contrast, the French spot price hiked by over 81% to 49.67 EUR/MWh, as EDF extended safety checks to additional reactors, after cracks were found at EDF’s 1.5 GW Civaux 2 reactor.
On the forward curve, prices rose on Thursday, tracking stronger gas and carbon prices. The German Cal-2026 contract gained nearly 1%, settling at around 90 EUR/MWh. Meanwhile, the French similar contract increased by 0.5% to 66.54 EUR/MWh.
European carbon prices extended gains on Thursday, as news of further investigations at French nuclear sites spurred renewed buying and hedging ahead of the June options expiry. As a result, EUAs expiring in Dec-2025 increased by 1.4% to 75.39 EUR/tonne, reaching their highest level in nearly four months.
Hence, Brent crude fell by 0.6% to $69.36 per barrel. Similarly, WTI crude slipped by 0.2% to around $68 per barrel.
Concerns over lower French nuclear output this summer boosted the British spot gas price on Thursday. As a result, the NBP spot price climbed by over 4% to 86.50 p/therm, amid fears that prolonged nuclear constraints in France could increase demand for gas-fired power to meet summer electricity needs.
Further along the curve, the Winter 2025 delivery contract rose by 1.2% to 96.71 p/therm, supported by EU storage levels at 52% - about 22 points below the same period last year.
European spot power prices diverged on Thursday. The German spot price dropped by over 12% to around 52 EUR/MWh, as higher wind output was expected to compensate for lower solar generation. In contrast, the French spot price hiked by over 81% to 49.67 EUR/MWh, as EDF extended safety checks to additional reactors, after cracks were found at EDF’s 1.5 GW Civaux 2 reactor.
On the forward curve, prices rose on Thursday, tracking stronger gas and carbon prices. The German Cal-2026 contract gained nearly 1%, settling at around 90 EUR/MWh. Meanwhile, the French similar contract increased by 0.5% to 66.54 EUR/MWh.
European carbon prices extended gains on Thursday, as news of further investigations at French nuclear sites spurred renewed buying and hedging ahead of the June options expiry. As a result, EUAs expiring in Dec-2025 increased by 1.4% to 75.39 EUR/tonne, reaching their highest level in nearly four months.