Tight physical supply, driven by disrupted flows and higher transport costs, supported oil prices on Tuesday. Although the US prolonged its ceasefire with Iran, uncertainty deepened after Tehran declined further talks and US plans for negotiations were shelved. Hence, Brent crude rose by more than 3% to $98.48 per barrel, while WTI crude held at $89.67 per barrel.
Supported by tighter supply, the NBP spot contract soared by over 5% to 106.50 p/therm on Tuesday after Norwegian exports fell to 245 mcm/day, their lowest since September, due to work at Troll and Kollsnes.
On the forward curve, the Winter 2026 delivery contract advanced by 3% to 105.17 p/therm, with geopolitical risks persisting amid ongoing Strait of Hormuz disruptions.
European spot electricity prices fell on Tuesday. The German day-ahead power price declined by 5% to 78.67 EUR/MWh as expectations of a record solar peak offset weaker wind generation. Meanwhile, the French equivalent contract tumbled by 31% to 11.44 EUR/MWh amid forecasts of above-average temperatures.
Further along the curve, prices rose in line with stronger gas markets. The German 2027 delivery contract added 1% to 89.71 EUR/MWh, while the French equivalent contract increased by 1.7% to 52.72 EUR/MWh.
European carbon prices eased on Tuesday as the market hovered between technical levels, with the EUAs expiring in Dec-2026 edging 0.6% lower at 75.70 EUR/tonne.
Apr 22, 2026