In the week commencing January 19, Brent oil futures on the ICE market exhibited stability, with a starting settlement price of $63.94 per barrel, representing a slight decrease of 0.3% from the previous week’s close. Throughout the week, prices fluctuated, reaching a peak of $65.88 per barrel on January 23, marking a 2.7% increase compared to the prior Friday. The volatility in Brent prices was influenced by geopolitical tensions in the Middle East, particularly concerning Iran, which maintained a moderate risk premium despite no significant supply disruptions.
Traders remained cautious due to ongoing sanctions and military movements in the region. Although there were signs of de-escalation in U.S. rhetoric, this did not lead to substantial price rebounds as inventory levels and global supply forecasts kept prices relatively stable without a definitive upward or downward trend.
Meanwhile, TTF gas futures for the Front Month also saw notable movement during this period. On January 19, the settlement price was €35.40 per megawatt-hour (MWh), which was 4.0% lower than the previous Friday’s figure. However, prices surged throughout the week to reach a high of €40.04 per MWh on January 23, reflecting an increase of 8.6% from the prior week and marking the highest level since June 24, 2025. This upward trajectory was driven by forecasts predicting colder temperatures across Europe and low gas storage levels at approximately 45%, compounded by supply concerns and expectations of heightened global demand.
In terms of CO₂ emission allowance futures on the EEX market for the December 2026 contract, trading began at €88.16 per tonne on January 19, which was 4.2% lower than the previous week’s closing price. The market experienced fluctuations with a low of €84.94 per tonne recorded on Tuesday before rebounding to a weekly high of €88.48 per tonne on Thursday. By January 23, prices slightly decreased to €88.41 per tonne, reflecting a marginal decline of 0.1% from the previous day.
These developments highlight the intricate dynamics within European energy markets as they respond to both regional and global factors influencing pricing structures across oil, gas, and carbon emissions trading.
