Nov 25, 2024

Daily (25.11.2024): British gas prices eased on Friday due to stable Russian transit flows into Europe

Oil prices gained over 1% amid ongoing geopolitical risks related to the Russia-Ukraine conflict, along with higher US dollar. Brent crude closed at $75.17 per barrel, while WTI crude ended the day at $71.24 per barrel.

British near-term gas prices slumped on Friday, with the NBP spot price dropping by 6% to close at 114.00 p/therm, as rising wind generation and milder temperatures provided bearish signals.

On the forward curve, the Sum-2025 contract declined by 2.7%, settling at 110 p/therm due to stable Russian transit flows, despite Europe's ongoing efforts to diversify its gas supply.

In the European electricity market, weaker demand and rising wind generation weighed on spot power prices. German spot price fell by 32%, closing at 76 EUR/MWh, while French spot price plunged by 36%, ending at 70.44 EUR/MWh.

On the forward curve, electricity prices followed the gas market’s bearish trend, with the German Cal'25 contract closing at 99.43 EUR/MWh, and the French Cal'25 contract ending at 79.24 EUR/MWh, both losing around 3%.

European carbon prices fell by 1%, with the EUA Dec-2024 contract closing at 69.27 EUR/tonne, influenced by the EU Commission's pause on EUA auction adjustments.