Aug 5, 2025
Daily (05.08.2025): OPEC+ output increase pushed crude oil prices to weekly low on Monday
Crude oil prices fell on Monday, weighed by renewed oversupply fears after OPEC+ announced plans to boost production by 547,000 barrels per day in September. Additional downward pressure came from a weakening U.S. economic outlook, as disappointing job growth data released on Friday heightened concerns over future fuel demand in the world’s largest oil consumer. Hence, Brent crude dropped by 1.3% to $68.76 per barrel. Meanwhile, WTI crude dipped by 1.5% to $66.29 per barrel.
British gas prices eased on Monday, pressured by strong Norwegian supply and EU storage levels nearing 70%. The NBP spot price fell by nearly 1% to 80.25 p/therm, as a fresh unplanned outage at Norway’s Karsto gas facility failed to offset the bearish sentiment.
Geopolitical uncertainty and rising temperatures in Asia, which are fuelling LNG competition, supported gains on the forward curve. As a result, the Winter 2025 delivery contract gained 0.7% to 93.18 p/therm.
European spot power prices extended losses on Monday. The German spot price tumbled by over 46% to 36.05 EUR/MWh, driven by strong wind generation, forecast to remain well above seasonal norms, and solid solar output. Meanwhile, milder weather drove the French spot price down by more than 71% to 12.10 EUR/MWh.
On the forward curve, trading was muted amid seasonally quiet period. The German Cal-2026 contract inched up to 87.30 EUR/MWh. Meanwhile, the French similar contract edged 0.3% lower at 62.11 EUR/MWh.
Limited industrial activity during the summer holiday period and elevated renewable generation exerted downward pressure on European carbon prices on Monday. As a result, EUAs expiring in Dec-2025 slipped by 0.3% to 70.85 EUR/tonne.
British gas prices eased on Monday, pressured by strong Norwegian supply and EU storage levels nearing 70%. The NBP spot price fell by nearly 1% to 80.25 p/therm, as a fresh unplanned outage at Norway’s Karsto gas facility failed to offset the bearish sentiment.
Geopolitical uncertainty and rising temperatures in Asia, which are fuelling LNG competition, supported gains on the forward curve. As a result, the Winter 2025 delivery contract gained 0.7% to 93.18 p/therm.
European spot power prices extended losses on Monday. The German spot price tumbled by over 46% to 36.05 EUR/MWh, driven by strong wind generation, forecast to remain well above seasonal norms, and solid solar output. Meanwhile, milder weather drove the French spot price down by more than 71% to 12.10 EUR/MWh.
On the forward curve, trading was muted amid seasonally quiet period. The German Cal-2026 contract inched up to 87.30 EUR/MWh. Meanwhile, the French similar contract edged 0.3% lower at 62.11 EUR/MWh.
Limited industrial activity during the summer holiday period and elevated renewable generation exerted downward pressure on European carbon prices on Monday. As a result, EUAs expiring in Dec-2025 slipped by 0.3% to 70.85 EUR/tonne.