In the fourth week of May, Brent crude oil futures (Front Month, ICE) stayed below the $100/bbl threshold while trading remained volatile. The highest settlement price was recorded on Tuesday, May 26, at $99.58/bbl. After that level, prices weakened gradually through the week. By Friday, May 29, Brent futures dropped to a weekly low of $92.05/bbl.
The May 29 settlement represented an 11% decline versus the previous Friday and marked the lowest level since April 18, according to data analyzed by AleaSoft Energy Forecasting. Market sentiment was influenced by expectations tied to potential progress toward a peace agreement between the United States and Iran. Those expectations were cited as contributing to easing risk premiums during the week. Despite tensions in the Middle East, oil prices moved lower over the same period.
TTF gas futures fluctuate around €47/MWh
European TTF natural gas futures (ICE, Front Month) also showed notable swings during the week. The weekly minimum was reached on Monday, May 25, at €45.43/MWh. Prices then rebounded by 4.5% on Tuesday, May 26, when they peaked at €47.47/MWh. For the remainder of the week, prices stayed below €47/MWh.
On Friday, May 29, TTF settled at €46.00/MWh. That level corresponded to a 5.5% decline compared with the previous Friday. Price action reflected opposing factors including expectations of a potential US–Iran agreement that exerted downward pressure. Limited European storage levels and higher-temperature-driven demand were also cited as factors that prevented a sharper fall.
EEX December 2026 carbon allowances rise into May 29
CO₂ emission allowance futures (EEX, December 2026 contract) followed a different trajectory from oil and gas. Prices reached their weekly low on Monday, May 25, at €76.77/t. From there, they rose steadily across the week. By Friday, May 29, they peaked at €80.63/t.
The €80.63/t settlement was a 4.8% increase versus the previous Friday and represented the highest level since February 10. While oil and gas markets faced downward pressure linked to easing geopolitical risk expectations alongside mixed demand signals, carbon prices moved upward through the week. AleaSoft reports that this pattern was supported by steady upward momentum during late May trading.
