Oct 17, 2025
Daily (17.10.2025): Crude oil prices dropped to a 5-month low on Thursday as investors eye Trump-Putin Ukraine talks
Market uncertainty over a potential U.S.-Russia meeting to discuss ending the Ukraine war put pressure on crude oil prices on Thursday. Additional downside came from a bigger-than-expected U.S. crude stock build, with the EIA reporting inventories up 3.5 million barrels to 423.8 million, driven by reduced refinery runs. As a result, Brent crude fell by 1.4% to $61.06 per barrel, while WTI crude also dipped by 1.4% to $57.46 per barrel.
The British spot gas price edged 0.4% higher at 81.31 p/therm on Thursday, following overnight Russian drone and missile strikes on DTEK and Naftogaz facilities in Ukraine’s Poltava region, prompting Ukraine to consider boosting winter gas imports by 25%.
Concerns over supply disruptions also lifted the forward market, with the Summer 2026 delivery contract increasing by 0.8% to 76.31 p/therm. However, ample LNG availability capped gains.
European spot electricity prices rebounded on Thursday. Despite higher wind output, the German day-ahead power price soared by 4.4% to 104.41 EUR/MWh, driven by lower solar generation and reduced imports. Meanwhile, the French equivalent contract surged by nearly 6% to 91.51 EUR/MWh following an unplanned 890 MW outage at EDF’s Dampierre 1 plant.
On the forward curve, prices rose in line with stronger gas and carbon markets. The German 2026 delivery contract advanced by 1.7% to 88 EUR/MWh, while the French equivalent contract added 1.2% to settle at 57.26 EUR/MWh.
European carbon prices continued their upward momentum on Thursday, driven by speculative repositioning amid weak fundamental cues. With investment funds’ net long positions nearing 100 million tonnes, buying interest remains strong, pushing the EUAs expiring in Dec-2025 up by 2% at 79.51 EUR/tonne.
The British spot gas price edged 0.4% higher at 81.31 p/therm on Thursday, following overnight Russian drone and missile strikes on DTEK and Naftogaz facilities in Ukraine’s Poltava region, prompting Ukraine to consider boosting winter gas imports by 25%.
Concerns over supply disruptions also lifted the forward market, with the Summer 2026 delivery contract increasing by 0.8% to 76.31 p/therm. However, ample LNG availability capped gains.
European spot electricity prices rebounded on Thursday. Despite higher wind output, the German day-ahead power price soared by 4.4% to 104.41 EUR/MWh, driven by lower solar generation and reduced imports. Meanwhile, the French equivalent contract surged by nearly 6% to 91.51 EUR/MWh following an unplanned 890 MW outage at EDF’s Dampierre 1 plant.
On the forward curve, prices rose in line with stronger gas and carbon markets. The German 2026 delivery contract advanced by 1.7% to 88 EUR/MWh, while the French equivalent contract added 1.2% to settle at 57.26 EUR/MWh.
European carbon prices continued their upward momentum on Thursday, driven by speculative repositioning amid weak fundamental cues. With investment funds’ net long positions nearing 100 million tonnes, buying interest remains strong, pushing the EUAs expiring in Dec-2025 up by 2% at 79.51 EUR/tonne.