An overall bearish energy complex on Thursday

Crude oil prices?fell sharply on Thursday, dampened by statements from Russia's Deputy Prime Minister for Energy, who rejected a further production cut at the end of the next OPEC+ meeting. Remaining fears over the possibility of a US debt ceiling default have put further pressure on prices. Hence,?Brent crude?posted a 2.7% decline at $76.26 a barrel.?Meanwhile,?WTI crude?plunged by more than 3% to close at $71.83 a barrel.

British near-term gas prices?dropped on Thursday, as milder temperatures continued weighing on prices. Hence, the NBP spot traded 9.2% lower at 58.00 p/therm.

Along the forward curve,?the gas price for Win-23 delivery?slumped by more than 7% to settle at 115.42 p/therm amid steady LNG and Norwegian flows.

European spot electricity prices?plummeted on Thursday amid improved wind and solar generation.?The Germany day-ahead power price?dropped by 14.3% to 69.98 EUR/MWh, while?French spot electricity price?declined by 11.6% at 63.47 EUR/MWh.

Front year electricity prices?declined, tracking lower gas and coal prices.?The German Cal’24?power traded around 4% lower at 127.90 EUR/MWh. In France, EDF’s forecast that nuclear capacity for Winter-23 will be 5-10 GW higher than last year weighed further on prices, resulting in a 6% decline in?the French Cal’24 contract, which?settled at 157.53 EUR/MWh.

European carbon prices?plunged to a four-month low on Thursday, as traders shed stocks after prices broke through a key technical level in Wednesday’s session.?EUAs expiring in Dec-23?shed by 2.5% at 82.99 EUR/tonne.