Futures market

• The front-year product Cal 26 Phelix DE rose to its highest level in two months today, in some cases reaching a high of 99. The gas market is providing impetus due to the rapid emptying of gas storage facilities and the low temperatures in Germany. It can be assumed that the strong support will continue in the coming days.

Fuels and CO2

• The gas market showed a wide range for the delivery year 2025, with prices between EUR 40.80/MWh and EUR 41.64/MWh. The price rose again in the afternoon and reached around EUR 41.50/MWh. The main reason for this movement is the persistently cold temperatures, which are keeping demand high. The front-month contract on the London exchange recently recorded an increase of EUR 1.12 to EUR 54.36/MWh. In the short term, there are no immediate signs of a change in the market situation this week. Rather, further price developments will depend heavily on the weather conditions in February and March. The latest weather forecasts indicate that the cold weather could continue into March, which will further increase the pressure on demand. On the supply side, European gas storage facilities are currently 53% full, which corresponds to a decrease of 17 percentage points compared to the same period last year.
• The CO₂ price remains at a high level due to the high natural gas and coal prices, but recorded losses across the board today. At the end of trading, the price stood at 82.90 EUR/t, compared to 86.22 EUR/t at the start of the trading day. This corresponds to a fall of 3.32 EUR/t.

Spot market and general information

• France is becoming an importer due to problems in its power plant fleet, particularly in its nuclear power plants. As the country is heavily dependent on temperature, this will have a short-term impact on the spot market. Today, the spot baseload price is already very high at 154.51 EUR/MWh for Germany and 154.45 EUR/MWh for Austria. In France, the price is 150.65 EUR/MWh. A slight easing is expected tomorrow: 142.42 EUR/MWh in Germany, 144.97 EUR/MWh in Austria and 142.42 EUR/MWh in France.