Oil Slumps on Peace Hopes, but Gas Stays Tight
- Brent spot fell from $120 to $107 a barrel in two trading days
- IEA – Europe enters winter with its lowest gas storage since 2013
- ACER – grid congestion cost European consumers €5.4 billion in 2025
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The week in brief · Week 43 · 19–25 October
Europe ended the week with two electricity markets rather than one. Strong wind drove German day-ahead prices to €13.12/MWh on Sunday, while Hungary, Romania and Austria paid more than €220/MWh on the same day. Gas storage remains the winter's main worry, diesel supply is tight but flowing, and Brussels spent the week both funding clean technology and easing its climate rules for the crisis.
The contrast is clearest in the day-ahead data. On Saturday, German onshore wind averaged 42.0 GW against demand of 49.8 GW, and the German–Luxembourg price averaged €30.12/MWh; on Sunday it fell to €13.12/MWh. Across the week Germany averaged €134.35/MWh, down from €182.56/MWh the week before (Fraunhofer ISE, 2026).
Further east, prices rose. Hungary averaged €268.78/MWh for the week and hit €326.57/MWh on Tuesday, its highest daily average since 12 December 2024, with the dearest quarter-hour at €522.65/MWh. The pressure did not ease at the weekend: on Sunday the most expensive quarter-hour reached €525.76/MWh. Romania averaged €258.48/MWh, Austria €231.18/MWh and Slovakia €213.26/MWh, while Czechia (€176.36/MWh) and Poland (€165.46/MWh) sat closer to the German level (Fraunhofer ISE, 2026).
