Futures market

• Donald Trump's economic policy is gathering pace and is already pushing down commodity prices on the global market. Not so in Europe, however. The upward potential of the lead contract, CAL 26 Phelix DE, is still in tact. This is mainly due to the currently still high spot prices. It has been moving sideways for most of the day, but shortly before that Cal 26 moved upwards and was already trading above 99 EUR/MWh again.

Fuels and CO2

• Since yesterday, a downward factor has influenced the financial market and the global economy - the Chinese reaction to the US tariff policy. The economic impact is likely to reduce global demand for LNG, making liquefied natural gas cheaper in Europe. The extent to which this will happen is disputed among experts. Today, the price was unaffected by this and moved upwards; in the afternoon, the price for the coming delivery year was EUR 42.20/MWh. We will take a closer look at the reasons for the price increase, more on this tomorrow.

• Developments on the CO₂ market were negative at the start of trading today, although the losses remained manageable. The price then rose in line with the price of natural gas, with the price for one tonne of pollution rights recently exceeding EUR 84/t.

Spot market and general information

• A lack of wind and low temperatures as well as poorer power plant availability in France will ensure high spot prices for tomorrow's delivery day. At today's auction for tomorrow, the average price for DE was 150.09 EUR/MWh and for AT 151.27 EUR/MWh.