In the third week of September, Brent oil futures saw a steady increase in settlement prices across most trading sessions, remaining above $72 per barrel. The weekly minimum was recorded on Monday, September 16, at $72.75/bbl, while the maximum reached $74.88/bbl on Thursday, September 19, marking the highest price since September 3. By Friday, September 20, prices slightly declined to $74.49/bbl, yet this still represented a 4.0% increase compared to the previous Friday.
The rise in Brent prices was influenced by declining U.S. crude reserves and supply concerns following Hurricane Francine, along with a U.S. interest rate cut. However, ongoing worries about demand in China tempered further price increases. Increased instability in the Middle East may contribute to price fluctuations in the upcoming week.
In the TTF gas futures market, prices remained below €36/MWh during the same week. The weekly peak was €35.55/MWh on Tuesday, September 17, followed by a drop to €33.08/MWh on Thursday, September 19, which was the lowest level since July 27. Prices rebounded slightly to €34.44/MWh by Friday, September 20, but this figure was still 3.4% lower than the prior week.
Gas flow disruptions due to ongoing maintenance in Norway and on the Medgaz pipeline, which is set to continue into the fourth week of September, influenced TTF prices. However, high reserve levels in Europe helped keep prices stable. News of a potential gas supply deal from Azerbaijan via Ukraine contributed to price volatility, although it was later clarified.
Regarding CO2 emission allowance futures in the EEX market, the reference contract for December 2024 saw its highest settlement price of the week at €64.34/t on September 17. Prices dipped on September 18 and 19, hitting a weekly low of €62.82/t on September 19, the lowest since April 6. On Friday, September 20, the price increased to €63.39/t, though this was still 2.5% lower than the previous Friday, AleaSoft reports.
