Daily (04.02.2025): EUA prices dropped by 3.5% on concerns over new US-EU tariffs

Oil prices diverged on Monday, influenced by uncertainties surrounding tariffs proposed by Donald Trump, while being capped by OPEC+'s commitment to its production increase schedule.

Brent crude fell by 1% to close at slightly below $76 per barrel. Meanwhile, WTI gained 0.9% to settle $73.16 per barrel

The British gas spot price climbed by over 1% on Monday to close at 134.50 p/therm amid lower Norwegian Flows following unplanned outages at Norway’s Sleipner and Njord fields. Meanwhile, the NBP Summer 2025 delivery contract held steady at around 128 p/therm. Supply concerns were tempered by the UK securing an additional five LNG cargoes.

European spot power prices rose on Monday. The German spot power price increased by 5% to 142.42 EUR/MWh, driven by colder weather, while the French spot price jumped over 8% to 141.06 EUR/MWh, due to a reduction in nuclear availability.

Forward contracts followed the bearish carbon market, falling by over 1%. The German Cal-2026 contract closed at 96.89 EUR/MWh, while the French Cal-2026 contract settled at 69.21 EUR/MWh.

European carbon prices plunged by 3.5% on Wednesday, driven by heavy selling amid concerns that President Donald Trump may impose new tariffs on EU exports to the US. The EUA Dec-2025 contract settled at around 81 EUR/tonne.