Dec 3, 2025
Daily (03.12.2025): EUAs slid on Tuesday as December 2025 option expiry nears
Crude oil prices fell on Tuesday amid pending peace talks between Washington and Moscow and oversupply concerns. Potential OPEC production increases in 2026 are expected to be limited amid already ample supply. Losses were partly offset by weekend attacks on Russian infrastructure and U.S.-Venezuela tensions. Hence, Brent crude dropped by 1% to $62.45 per barrel, while WTI crude dipped by 1.2% to $58.64 per barrel.
The British spot gas price edged 0.5% higher at 72.70 p/therm as reduced wind output and minor Norwegian outages limited supply.
On the forward curve, the Summer 2026 delivery contract eased by 0.2%, settling at 66.53 p/therm, pressured by extra LNG reaching Europe from soft Asian demand, with longer-term bearish pressure from US pipeline expansions easing future bottlenecks.
European spot electricity prices hiked on Tuesday. The German day-ahead power price climbed by 64% to 164.81 EUR/MWh, amid forecasts showing a sharp drop in wind output. Meanwhile, the French equivalent contract surged by 8.2% to 89.92 EUR/MWh as a strike by power and gas workers cut generation capacity by 2.9 GW, including 2 GW of nuclear output.
On the forward curve, prices declined, tacking direction from soft gas and carbon markets. The German 2026 delivery contract decreased by 1% to 85.43 EUR/MWh, while the French equivalent contract fell by 1.2%, settling at 48.04 EUR/MWh.
European carbon prices dipped on Tuesday, with Dec-25/Dec-26 spread trading and profit-taking ahead of December expiries weighing on the market, leading the EUAs expiring in Dec-2025 to fall by 1% to 81.82 EUR/tonne.
The British spot gas price edged 0.5% higher at 72.70 p/therm as reduced wind output and minor Norwegian outages limited supply.
On the forward curve, the Summer 2026 delivery contract eased by 0.2%, settling at 66.53 p/therm, pressured by extra LNG reaching Europe from soft Asian demand, with longer-term bearish pressure from US pipeline expansions easing future bottlenecks.
European spot electricity prices hiked on Tuesday. The German day-ahead power price climbed by 64% to 164.81 EUR/MWh, amid forecasts showing a sharp drop in wind output. Meanwhile, the French equivalent contract surged by 8.2% to 89.92 EUR/MWh as a strike by power and gas workers cut generation capacity by 2.9 GW, including 2 GW of nuclear output.
On the forward curve, prices declined, tacking direction from soft gas and carbon markets. The German 2026 delivery contract decreased by 1% to 85.43 EUR/MWh, while the French equivalent contract fell by 1.2%, settling at 48.04 EUR/MWh.
European carbon prices dipped on Tuesday, with Dec-25/Dec-26 spread trading and profit-taking ahead of December expiries weighing on the market, leading the EUAs expiring in Dec-2025 to fall by 1% to 81.82 EUR/tonne.