Dec 2, 2025
Daily (02.12.2025): UK gas prices fell on Monday as supply strength and geopolitical optimism offset storage concerns
OPEC+’s decision to keep production steady for Q1 2026 amid supply-glut concerns kept Brent crude largely flat at $63.17 per barrel on Monday. WTI crude, however, rose by 1.3% to $59.32 per barrel, as the group signalled caution amid uneven demand and potential oversupply. Prices were further supported by U.S. supply risks from Trump’s Venezuela airspace comments and weekend attacks on Russian energy infrastructure.
Pressure from elevated LNG inflows, driven by US exports poised to hit a November record, pulled the British spot gas price 4% lower at 72.35 p/therm on Monday.
On the forward curve, the Summer 2026 delivery contract was marked down by 1.7% to 66.67 p/therm as reports of progress in US–Ukraine peace discussions offset concerns about the pace of storage withdrawals.
European spot electricity prices climbed on Monday, driven by weaker renewable output. The German day-ahead power price soared by over 11% to 100.37 EUR/MWh, amid forecasts of lower wind generation. Similarly, the French equivalent contract hiked by 12.6% to 83.13 EUR/MWh following EDF’s extension of outages at its 910 MW Gravelines 1, 1.5 MW Chooz 1, and 915 MW Cruas 1 reactors by 5–10 days.
On the forward curve, prices eased, pressured by soft gas markets. The German 2026 delivery contract declined by 1.6% to 86.25 EUR/MWh, while the French equivalent contract dipped by 2%, settling at 48.60 EUR/MWh.
Selling pressure within a bearish energy landscape saw European carbon prices drift lower on Monday. As a result, the EUAs expiring in Dec-2025 lost 0.7%, settling at 82.64 EUR/tonne.
Pressure from elevated LNG inflows, driven by US exports poised to hit a November record, pulled the British spot gas price 4% lower at 72.35 p/therm on Monday.
On the forward curve, the Summer 2026 delivery contract was marked down by 1.7% to 66.67 p/therm as reports of progress in US–Ukraine peace discussions offset concerns about the pace of storage withdrawals.
European spot electricity prices climbed on Monday, driven by weaker renewable output. The German day-ahead power price soared by over 11% to 100.37 EUR/MWh, amid forecasts of lower wind generation. Similarly, the French equivalent contract hiked by 12.6% to 83.13 EUR/MWh following EDF’s extension of outages at its 910 MW Gravelines 1, 1.5 MW Chooz 1, and 915 MW Cruas 1 reactors by 5–10 days.
On the forward curve, prices eased, pressured by soft gas markets. The German 2026 delivery contract declined by 1.6% to 86.25 EUR/MWh, while the French equivalent contract dipped by 2%, settling at 48.60 EUR/MWh.
Selling pressure within a bearish energy landscape saw European carbon prices drift lower on Monday. As a result, the EUAs expiring in Dec-2025 lost 0.7%, settling at 82.64 EUR/tonne.