Apr 16, 2025
Daily (16.04.2025): Crude oil prices decreased on Tuesday amid potential U.S. tariff relief
Crude oil prices traded 0.3% lower on Tuesday, as global oil demand growth forecasts were revised downward by both the International Energy Agency and OPEC in response to weaker economic indicators and escalating trade tensions. The IEA's projections for 2025 and 2026 were reduced, and OPEC similarly lowered its 2025 outlook while also revising global economic growth expectations. However, a potential pause in U.S. auto sector tariffs helped cap the losses.
Hence, Brent crude slipped to $64.67 per barrel, while WTI crude fell slightly to $61.33 per barrel.
The British spot gas price declined on Tuesday, pressured by the resumption of Norwegian flows and reduced demand following the expected return of the Heysham 2-7 nuclear reactor (615MW). Additionally, a seventh LNG cargo for April 2025 delivery was secured by the UK, further weighing on prices. Hence, NBP spot fell by 2.3% to 82.60 p/therm.
Further along the curve, the Winter 2025 gas price closed slightly lower at 93.61 p/therm, reflecting market uncertainty amid a lack of signals pointing to potential growth in gas demand for 2025.
European spot power prices jumped on Tuesday, with the German spot price climbing by nearly 28% to 89.58 EUR/MWh amid forecasts of a sharp decline in wind generation. Similarly, the French spot price surged by over 238% to around 57 EUR/MWh, following EDF’s extension of an outage at its 1.3 GW Nogent 1 nuclear reactor near Paris until Saturday.
On the forward curve, European power prices were mostly flat. The German Cal-2026 contract inched up by 0.4% to 82.31 EUR/MWh, supported by a technical correction. Meanwhile, the French Cal-2026 fell by 0.7%, closing at 61.12 EUR/MWh, pressured by weaker gas and carbon markets.
European carbon prices gave up earlier gains on Tuesday, trading near a technical level as activity slowed ahead of the Easter holiday. However, news that Trump paused the planned tariff hike on Europe offered some relief, easing fears that industrial demand would be hit as hard as initially expected. As a result, EUAs expiring in Dec-2025 edged 0.5% lower at 66.19 EUR/tonne.
Hence, Brent crude slipped to $64.67 per barrel, while WTI crude fell slightly to $61.33 per barrel.
The British spot gas price declined on Tuesday, pressured by the resumption of Norwegian flows and reduced demand following the expected return of the Heysham 2-7 nuclear reactor (615MW). Additionally, a seventh LNG cargo for April 2025 delivery was secured by the UK, further weighing on prices. Hence, NBP spot fell by 2.3% to 82.60 p/therm.
Further along the curve, the Winter 2025 gas price closed slightly lower at 93.61 p/therm, reflecting market uncertainty amid a lack of signals pointing to potential growth in gas demand for 2025.
European spot power prices jumped on Tuesday, with the German spot price climbing by nearly 28% to 89.58 EUR/MWh amid forecasts of a sharp decline in wind generation. Similarly, the French spot price surged by over 238% to around 57 EUR/MWh, following EDF’s extension of an outage at its 1.3 GW Nogent 1 nuclear reactor near Paris until Saturday.
On the forward curve, European power prices were mostly flat. The German Cal-2026 contract inched up by 0.4% to 82.31 EUR/MWh, supported by a technical correction. Meanwhile, the French Cal-2026 fell by 0.7%, closing at 61.12 EUR/MWh, pressured by weaker gas and carbon markets.
European carbon prices gave up earlier gains on Tuesday, trading near a technical level as activity slowed ahead of the Easter holiday. However, news that Trump paused the planned tariff hike on Europe offered some relief, easing fears that industrial demand would be hit as hard as initially expected. As a result, EUAs expiring in Dec-2025 edged 0.5% lower at 66.19 EUR/tonne.