Oct 10, 2025
Daily (10.10.2025): Gaza peace breakthrough calmed global energy markets
Crude oil prices dropped on Thursday following the announcement of a first-phase Gaza peace plan between Israel and Hamas, which eased some regional tensions. The agreement represents a significant step that could curb Houthi attacks in the Red Sea and boost chances for an Iran nuclear deal. Still, energy markets remained cautious, wary of lingering Middle East geopolitical risks. As a result, Brent crude fell by 1.6% to $65.22 per barrel. Similarly, WTI crude decreased by 1.7% to $61.51 per barrel.
Expectations of ample LNG from the Atlantic basin this winter towards European markets eased British gas prices. Hence, the NBP spot price edged 0.5% lower at 82.50 p/therm on Thursday. Additionally, weak Chinese demand, due to sluggish industrial activity, further relieved supply pressures.
On the forward curve, the Summer 2026 delivery contract declined by 0.4% to 77.34 p/therm, with National Gas and NESO forecasting ample winter supplies and electricity margins at six-year highs.
European spot electricity prices extended losses on Thursday. The German day-ahead power price dipped by 8% to 96.41 EUR/MWh as wind generation forecasts improved. The French equivalent contract slipped by 0.5% to 83.05 EUR/MWh due to weaker consumption. Losses were partly limited by a strike among French energy workers, which reduced generation by 2.2 GW, including 1.3 GW of nuclear capacity.
On the forward curve, prices mirrored declines in gas markets. The German 2026 delivery contract edged 0.2% lower at 87.85 EUR/MWh, while the French equivalent contract fell by nearly 1% to 58.74 EUR/MWh.
A brief but intense burst of late-session buying lifted European carbon prices on Thursday, with the EUAs expiring in Dec-2025 up by 0.3% at 79.23 EUR/tonne. Still, optimism over the newly announced Israel-Hamas peace agreement limited further upside.
Expectations of ample LNG from the Atlantic basin this winter towards European markets eased British gas prices. Hence, the NBP spot price edged 0.5% lower at 82.50 p/therm on Thursday. Additionally, weak Chinese demand, due to sluggish industrial activity, further relieved supply pressures.
On the forward curve, the Summer 2026 delivery contract declined by 0.4% to 77.34 p/therm, with National Gas and NESO forecasting ample winter supplies and electricity margins at six-year highs.
European spot electricity prices extended losses on Thursday. The German day-ahead power price dipped by 8% to 96.41 EUR/MWh as wind generation forecasts improved. The French equivalent contract slipped by 0.5% to 83.05 EUR/MWh due to weaker consumption. Losses were partly limited by a strike among French energy workers, which reduced generation by 2.2 GW, including 1.3 GW of nuclear capacity.
On the forward curve, prices mirrored declines in gas markets. The German 2026 delivery contract edged 0.2% lower at 87.85 EUR/MWh, while the French equivalent contract fell by nearly 1% to 58.74 EUR/MWh.
A brief but intense burst of late-session buying lifted European carbon prices on Thursday, with the EUAs expiring in Dec-2025 up by 0.3% at 79.23 EUR/tonne. Still, optimism over the newly announced Israel-Hamas peace agreement limited further upside.