Crude oil prices rose slightly on Thursday due to uncertainties surrounding exports through the Strait of Hormuz. Consequently, Brent crude increased by 0.3% to finish at $71.80 per barrel, while WTI crude went up by 0.2% to close at $68.69 per barrel.
British wholesale gas prices strengthened on Thursday amid ongoing doubts about the restart of LNG shipments through the Strait of Hormuz. As a result, the Q1 2027 contract climbed 1.7% to 107.84 p/therm. Additionally, the NBP spot price increased by 2.2% to settle at 103.95 p/therm, supported by worries that the current heatwave in Europe could elevate gas demand for electricity generation.
European day-ahead power prices showed mixed results on Thursday, with Germany continuing its decline while France recovered from significant losses in the previous session. The German day-ahead baseload price dropped another 18.8% to 59.54 EUR/MWh, bolstered by strong renewable energy generation and low demand. Conversely, the French day-ahead baseload price increased by 13.8% to 64.66 EUR/MWh, driven by tighter domestic supply and demand conditions.
Further along the curve, annual power contracts remained relatively stable. The German Cal'27 power contract rose by 0.6% to 92.98 EUR/MWh, whereas the French Cal'27 contract was largely unchanged, increasing by 0.04% to 56.91 EUR/MWh. Meanwhile, the French Cal'28 contract decreased by 0.2% to 50.49 EUR/MWh, indicating minimal shifts in long-term market expectations.
European carbon prices fell slightly on Thursday, continuing the losses from the previous session amid limited activity in the energy market. The December 2026 EUA contract decreased by 0.1% to 79.45 EUR/tonne.
Jul 3, 2026