Aug 6, 2025
Daily (06.08.2025): Crude oil prices extended losses on Tuesday as OPEC+ output rises offset Russia supply risks
Crude oil prices continued to decline on Tuesday, as rising OPEC+ supply and global demand concerns outweighed market reaction to President Trump’s warnings to India over Russian oil imports. OPEC+ has now reversed voluntary cuts for five consecutive months, boosting output by around 2.5 million barrels per day. Hence, Brent crude dropped by 1.6% to $67.64 per barrel. Meanwhile, WTI crude dipped by 1.7% to $65.16 per barrel.
Reduced LNG send out due to maintenance at European terminals lent some support to British gas prices on Tuesday, though the impact was limited by high storage levels and stable Norwegian deliveries. As a result, the NBP spot price edged up by 0.1% to 80.35 p/therm.
On the forward curve, the Winter 2025 delivery contract held steady at 93.19 p/therm, as strong global LNG exports helped balance growing demand from Asia.
European spot power prices rebounded sharply on Tuesday. The German spot price hiked by over 71% to 61.94 EUR/MWh, driven by forecasts of a steep decline in wind generation. Meanwhile, the French spot price jumped to 49.43 EUR/MWh following EDF’s announcement of the temporary shutdown of its 1.5 GW Chooz 2 nuclear unit and extended outage at its 915 MW Cruas 4 nuclear reactor by four days.
On the forward curve, despite stable fundamentals, the market remained cautious ahead of possible US sanctions on Russia later this week that could impact energy trade. The German Cal-2026 contract edged 0.3% higher at 87.56 EUR/MWh. Meanwhile, the French similar contract gained 0.9% to 62.65 EUR/MWh.
After four consecutive sessions of losses, European carbon prices rebounded on Tuesday, lifted by strong buying ahead of September deadlines and thin market liquidity. As a result, EUAs expiring in Dec-2025 rose by 1% to 71.59 EUR/tonne.
Reduced LNG send out due to maintenance at European terminals lent some support to British gas prices on Tuesday, though the impact was limited by high storage levels and stable Norwegian deliveries. As a result, the NBP spot price edged up by 0.1% to 80.35 p/therm.
On the forward curve, the Winter 2025 delivery contract held steady at 93.19 p/therm, as strong global LNG exports helped balance growing demand from Asia.
European spot power prices rebounded sharply on Tuesday. The German spot price hiked by over 71% to 61.94 EUR/MWh, driven by forecasts of a steep decline in wind generation. Meanwhile, the French spot price jumped to 49.43 EUR/MWh following EDF’s announcement of the temporary shutdown of its 1.5 GW Chooz 2 nuclear unit and extended outage at its 915 MW Cruas 4 nuclear reactor by four days.
On the forward curve, despite stable fundamentals, the market remained cautious ahead of possible US sanctions on Russia later this week that could impact energy trade. The German Cal-2026 contract edged 0.3% higher at 87.56 EUR/MWh. Meanwhile, the French similar contract gained 0.9% to 62.65 EUR/MWh.
After four consecutive sessions of losses, European carbon prices rebounded on Tuesday, lifted by strong buying ahead of September deadlines and thin market liquidity. As a result, EUAs expiring in Dec-2025 rose by 1% to 71.59 EUR/tonne.