Feb 20, 2026
Daily (20.02.2026): Brent and WTI surged to a six month peak on Thursday amid Middle East tensions and tight supply
Crude oil hit six-month highs on Thursday as geopolitical tensions and tighter U.S. supply lifted the market. US–Iran strains and stalled Russia–Ukraine talks kept risk premiums elevated, while API data showed U.S. crude inventories fell 609,000 barrels versus expectations for a 2.1 million-barrel increase. Hence, Brent crude advanced by nearly 2% to $71.66 per barrel and WTI crude added 2% to $66.43 per barrel.
British spot gasrallied sharply, rising more than 11% to 79.65 p/therm, after outages at the Ormen Lange gas field curtailed Norwegian deliveries to Europe by nearly 11.8 mcm/day. The disruption is expected to last until mid-next week.
Further along the curve, the Summer 2026 delivery contract climbed by 8% to 78.15 p/therm, as the market priced in elevated supply risks amid persistent Middle Eastern tensions. Furthermore, low EU gas inventories, at just 32.5% of capacity versus 43.3% a year ago, added further price sensitivity.
European spot electricity prices diverged on Thursday. The German day-ahead power price fell by 6% to 87 EUR/MWh pressured by expectations of weaker demand and lower export flows. By contrast, the French equivalent contract hiked by 26% to 47.09 EUR/MWh amid reduced renewable generation.
In the forward market, contracts tracked strength in gas on Thursday. The German 2027 delivery contract gained 2% to 80.88 EUR/MWh, while the French equivalent contract soared by 3.3% to 52.89 EUR/MWh.
After multiple failed attempts to push higher, European carbon prices drifted slightly lower as sellers defended elevated levels. Support from the broader energy complex kept the decline in check, with the EUAs expiring in Dec-2026 slipping by 0.3% to 71.34 EUR/tonne.
British spot gasrallied sharply, rising more than 11% to 79.65 p/therm, after outages at the Ormen Lange gas field curtailed Norwegian deliveries to Europe by nearly 11.8 mcm/day. The disruption is expected to last until mid-next week.
Further along the curve, the Summer 2026 delivery contract climbed by 8% to 78.15 p/therm, as the market priced in elevated supply risks amid persistent Middle Eastern tensions. Furthermore, low EU gas inventories, at just 32.5% of capacity versus 43.3% a year ago, added further price sensitivity.
European spot electricity prices diverged on Thursday. The German day-ahead power price fell by 6% to 87 EUR/MWh pressured by expectations of weaker demand and lower export flows. By contrast, the French equivalent contract hiked by 26% to 47.09 EUR/MWh amid reduced renewable generation.
In the forward market, contracts tracked strength in gas on Thursday. The German 2027 delivery contract gained 2% to 80.88 EUR/MWh, while the French equivalent contract soared by 3.3% to 52.89 EUR/MWh.
After multiple failed attempts to push higher, European carbon prices drifted slightly lower as sellers defended elevated levels. Support from the broader energy complex kept the decline in check, with the EUAs expiring in Dec-2026 slipping by 0.3% to 71.34 EUR/tonne.