ICE Brent front-month settles after five-session decline
Brent crude oil futures for the front-month contract on the ICE market reached a weekly low settlement price of $99.25/bbl on Tuesday, September 22, after five consecutive sessions of declines. AleaSoft Energy Forecasting data shows the level was the lowest settlement since September 9. Prices later recovered to a weekly high of $106.60/bbl on Thursday, September 24. On Friday, September 25, Brent settled at $104.32/bbl, up 0.4% from the previous Friday.
Middle East developments drive daily moves in oil
Early in the week, a US President’s offer to meet with Iran’s president during the United Nations General Assembly contributed to downward pressure on oil prices. Iran’s refusal to accept US demands pushed prices higher on September 23. The next day, Yemen’s Houthis launched missiles toward Saudi Arabia, while a senior Iranian military official said Iran could extend the conflict to the Indian Ocean if another country attacked it. These developments lifted Brent to its weekly peak.
On Friday, prices fell after Iran proposed an interim agreement that would include reopening the Strait of Hormuz within seven days. The proposal was cited as a factor behind the decline in Brent settlements that day.
TTF gas futures track weekly range on ICE
Front-month TTF gas futures on the ICE market settled at €73.25/MWh on Monday, September 21, which was 7.9% lower than the previous Friday’s level. Prices moved to a weekly low of €72.01/MWh on September 23, the lowest level since September 5, according to AleaSoft Energy Forecasting. On Thursday, September 24, prices rose by 4.3% to reach a weekly high of €75.11/MWh. By Friday, September 25, the settlement price declined to €72.07/MWh, down 9.4% versus the previous Friday.
Strait of Hormuz reopening expectations and EU storage levels
Expectations around talks between the United States and Iran on a gradual reopening of the Strait of Hormuz were linked with lower European gas prices. The same period also saw an increase in the number of vessels using alternative routes. Despite the price moves, European Union gas storage facilities were around 70% full and remained below the seasonal five-year average.
EEX CO2 allowances hold above €86/t through week
Futures for CO2 emission allowances under the December 2026 reference contract on the EEX market stayed above €86/t throughout the fourth week of September . The weekly low settlement price was €86.03/t on September 23, while the weekly high reached €86.97/t on Thursday, September 24 . On Friday, September 25, the contract settled at €86.79/t, only 0.1% lower than the previous Friday, AleaSoft reports .
