Jan 9, 2026
Daily (09.01.2026): Crude oil prices surged on Thursday amid strong demand and Venezuelan supply risk
A sharp draw in U.S. crude inventories and renewed geopolitical risk helped lift oil prices on Thursday. U.S. stocks fell by 3.8 million barrels in the week to January 2, far exceeding expectations of a 1.2 million barrel draw and nearly doubling the prior week’s 1.9 million barrel decline, reinforcing confidence in demand. Added uncertainty surrounding Venezuela further supported prices, pushing Brent crude up by 3.4% to $62 per barrel and WTI crude higher by 3.2% to $57.76 per barrel.
The British spot gas price slumped by 4.8% to 73.50 p/therm on Thursday, weighed by warmer weather forecasts and the UK’s first LNG shipment for February 2026, which bolstered supply expectations.
Further along the curve, the Summer 2026 delivery contract fell by 3% to 63.35 p/therm, amid abundant LNG availability offsetting relatively low levels of storage.
European spot electricity prices slumped on Thursday. The German day-ahead power price tumbled by around 50% to 79 EUR/MWh due to a steep increase in wind output. At the same time, the French equivalent contract dropped by 35% to 70.61 EUR/MWh amid milder weather forecasts.
On the forward curve, price moves were mixed. The German 2027 delivery contract fell by 0.7% to 82.71 EUR/MWh and the French equivalent contract added 0.2% to 48.89 EUR/MWh.
European carbon prices increased slightly on Thursday, supported by strong thermal generation and tighter EU ETS expectations, though warmer weather predictions later in January capped gains. The EUAs expiring in Dec-2026 added 0.1% to 88.19 EUR/tonne.
The British spot gas price slumped by 4.8% to 73.50 p/therm on Thursday, weighed by warmer weather forecasts and the UK’s first LNG shipment for February 2026, which bolstered supply expectations.
Further along the curve, the Summer 2026 delivery contract fell by 3% to 63.35 p/therm, amid abundant LNG availability offsetting relatively low levels of storage.
European spot electricity prices slumped on Thursday. The German day-ahead power price tumbled by around 50% to 79 EUR/MWh due to a steep increase in wind output. At the same time, the French equivalent contract dropped by 35% to 70.61 EUR/MWh amid milder weather forecasts.
On the forward curve, price moves were mixed. The German 2027 delivery contract fell by 0.7% to 82.71 EUR/MWh and the French equivalent contract added 0.2% to 48.89 EUR/MWh.
European carbon prices increased slightly on Thursday, supported by strong thermal generation and tighter EU ETS expectations, though warmer weather predictions later in January capped gains. The EUAs expiring in Dec-2026 added 0.1% to 88.19 EUR/tonne.