Mar 28, 2025
Daily (28.03.2025): EUAs hit a 2-week low on Thursday following France's price cap proposal
Crude oil prices extended gains on Thursday as concerns over tightened crude supplies and strong U.S. demand persisted. Additionally, worries about supply constraints were further amplified by the Trump administration's renewed maximum pressure' campaign to limit Iran’s crude oil exports.
As a result, Brent crude increased by 0.3% to $74 per barrel. Similarly, WTI crude edged 0.4% higher, ending at around $70 per barrel.
The NBP spot rose by 0.2% to around 98 p/therm on Thursday, as colder weather forecasts offset the decline in gas-fired demand.
Reduced LNG volumes in Q1 2025 supported prices on the forward curve. Hence, the Summer 2025 delivery contract rose by 0.5% to 99.59 p/therm, while the northwest EU is expected to fall short of its winter gas storage target under all forecasts, despite a projected 7% increase in summer LNG deliveries.
European spot power prices extended losses on Thursday, as forecasts indicated increased wind and solar output and overall declining demand. Hence, the German spot price dipped by nearly 11% to settle at 88.34 EUR/MWh, while the French spot price plunged by 22% to close at 63.51 EUR/MWh.
Forward power contracts decreased on Thursday, tracking lower carbon prices. The German Cal-2026 contract fell by over 1%, settling at 84.50 EUR/MWh. Meanwhile, the French Cal-2026 dropped by 1.5% to 62.66 EUR/MWh.
European carbon prices fell to their lowest level in over two weeks on Thursday, driven by a sell-off following France's proposal for a price cap on the bloc’s carbon allowances. As a result, EUAs expiring in December 2025 dropped by over 3% to 68.54 EUR/tonne.
As a result, Brent crude increased by 0.3% to $74 per barrel. Similarly, WTI crude edged 0.4% higher, ending at around $70 per barrel.
The NBP spot rose by 0.2% to around 98 p/therm on Thursday, as colder weather forecasts offset the decline in gas-fired demand.
Reduced LNG volumes in Q1 2025 supported prices on the forward curve. Hence, the Summer 2025 delivery contract rose by 0.5% to 99.59 p/therm, while the northwest EU is expected to fall short of its winter gas storage target under all forecasts, despite a projected 7% increase in summer LNG deliveries.
European spot power prices extended losses on Thursday, as forecasts indicated increased wind and solar output and overall declining demand. Hence, the German spot price dipped by nearly 11% to settle at 88.34 EUR/MWh, while the French spot price plunged by 22% to close at 63.51 EUR/MWh.
Forward power contracts decreased on Thursday, tracking lower carbon prices. The German Cal-2026 contract fell by over 1%, settling at 84.50 EUR/MWh. Meanwhile, the French Cal-2026 dropped by 1.5% to 62.66 EUR/MWh.
European carbon prices fell to their lowest level in over two weeks on Thursday, driven by a sell-off following France's proposal for a price cap on the bloc’s carbon allowances. As a result, EUAs expiring in December 2025 dropped by over 3% to 68.54 EUR/tonne.