Energy
Power
Power
Price movements (monthly)
US April 2025 Average Price
Month-on-month Change
Year-on-year Change
Europe April 2025 Average Price
Month-on-month Change
Year-on-year Change
In the US, electricity generation fell markedly throughout April. However, renewable output remained steady, and prices for natural gas, a major input fuel, continued to decrease.
Power prices in Europe declined significantly throughout the month, driven mainly by the notable fall in natural gas prices.
Power
Other price drivers
→ Macroeconomic Environment
In March, the US CPI was 2.4% on an annualized basis, down from 2.8% in February, falling 0.1% m-o-m. The main driver behind the deceleration was energy inflation, which was -3.3% y-o-y. In March, inflation in the Eurozone decelerated to 2.2% on an annualized basis, falling from 2.3% in February. Unprocessed food and services subindices continue to accelerate, registering 4.2% and 3.5%, respectively. In March, China was again in deflation, with the CPI reported at –0.1% y-o-y. Although the result constituted slower deflation than the 0.7% in February, market players are worried about persistently poor demand and the potential damage of the 145% tariffs on China by the US, despite the exemption for smartphones.
→ Interest Rates and USDX
Interest rates in the US and China were unchanged throughout April. However, the European Central Bank (ECB) made a 25 basis point cut at its recent meeting, taking rates down to 2.4%. The Expana USDX continues to fall and hit a three-year low in April, attributable to major uncertainty regarding tariffs.
↓ Lower LNG Demand from Asia
Asian gas prices fell 9.6% m-o-m in April to $12.22/10Therm, representing a 23.1% y-o-y increase. The lower m-o-m prices in Asia made it more attractive for producers to divert cargo to Europe, resulting in greater supply in Europe.
↑ Tanker Indices
Interest rates in the US and China were unchanged throughout April. However, the European Central Bank (ECB) made a 25 basis point cut at its recent meeting, taking rates down to 2.4%. The Expana USDX continues to fall and hit a three-year low in April, attributable to major uncertainty regarding tariffs.
Power
Market sentiment for the month ahead
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