Nov 12, 2025
Daily (12.11.2025): Crude oil prices gained on Tuesday amid rising concerns over sanctions-related supply risks
Crude oil prices advanced on Tuesday, fuelled by the impact of recent U.S. sanctions on Russian oil. Lukoil declared force majeure at an Iraqi oilfield it manages, marking the most significant disruption to date from last month’s sanctions. Prices were further supported by hopes of an imminent end to the longest U.S. government shutdown, following Senate approval of a funding compromise. Hence, Brent crude rose by 1.7% to $65.16 per barrel, while WTI crude increased by 1.5% to $61.04 per barrel.
Ample supply, weak seasonal generation demand, and forecasts of milder weather pushed UK gas prices lower on Tuesday, with the NBP spot price dropping by 10.5% to 63.10 p/therm.
In contrast, the Summer 2026 delivery contract increased by 0.3% to 74.69 p/therm, supported by ongoing Medium Range Storage (MRS) injections and market concerns over the tighter supply-demand balance observed in October.
European spot electricity prices dropped on Tuesday as forecasts pointed to higher wind and solar output. The German day-ahead power price slumped by 17% to 80.33 EUR/MWh, while the French equivalent contract fell by 7% to 21.24 EUR/MWh.
On the forward curve, prices remained largely range-bound, with modest support from stronger carbon markets. The German 2026 delivery contract edged 0.5% higher at nearly 89 EUR/MWh, while the French equivalent contract slipped by 0.1% to 52.63 EUR/MWh.
Despite weak market fundamentals, European carbon prices rose on Tuesday, lifted by technical buying. Hence, the EUAs expiring in Dec-2025 added nearly 1% to settle at 80.65 EUR/tonne.
Ample supply, weak seasonal generation demand, and forecasts of milder weather pushed UK gas prices lower on Tuesday, with the NBP spot price dropping by 10.5% to 63.10 p/therm.
In contrast, the Summer 2026 delivery contract increased by 0.3% to 74.69 p/therm, supported by ongoing Medium Range Storage (MRS) injections and market concerns over the tighter supply-demand balance observed in October.
European spot electricity prices dropped on Tuesday as forecasts pointed to higher wind and solar output. The German day-ahead power price slumped by 17% to 80.33 EUR/MWh, while the French equivalent contract fell by 7% to 21.24 EUR/MWh.
On the forward curve, prices remained largely range-bound, with modest support from stronger carbon markets. The German 2026 delivery contract edged 0.5% higher at nearly 89 EUR/MWh, while the French equivalent contract slipped by 0.1% to 52.63 EUR/MWh.
Despite weak market fundamentals, European carbon prices rose on Tuesday, lifted by technical buying. Hence, the EUAs expiring in Dec-2025 added nearly 1% to settle at 80.65 EUR/tonne.