Daily (24.11.2025): Russia-Ukraine peace talks put pressure on energy markets

Crude oil prices inched lower on Friday, weighed by potential peace negotiations between Russia and Ukraine. Hence, Brent crude closed at $62.56 a barrel, or a 1.3% fall. WTI Crude lost 1.6% closing at $58.06 a barrel.

British gas prices lost momentum on Friday amid Ukraine-Russia peace talks and warmer weather. Hence, NBP spot dropped by 1.4% to 82.84 p/therm. On the curve, the contract for delivery in Q2 2026 declined by 1% to end at 70.97 p/therm.

European day-ahead power prices were bearish on Friday, amid waning demand and warmer weather expectations. As such, the German spot power price plunged by 37% to 91.25 EUR/MWh, while the French spot power price decreased by 23% to 86.16 EUR/MWh.

Contracts on the curve also fell on Friday, following a drop in gas and carbon prices. The German Cal’26 power contract traded 1.6% down at 88.86 EUR/MWh, while its French counterpart decreased by 1.3% at 51.37 EUR/MWh.

European carbon prices ground on Friday, amid warmer weather expectations and weaker gas prices. As a result, the price for the 2026-expiry contract fell by 1.2% to settle at 82.55 EUR/tonne.