In the last week of August, Brent oil futures for the Front Month on the ICE market maintained settlement prices above $78 per barrel. The weekly peak was recorded on Monday, August 26, with a settlement price of $81.43 per barrel, the highest since August 13. However, prices for the remainder of the week fell below $80 per barrel, reaching a low of $78.65 per barrel on August 28. By the end of the week, on August 30, the settlement price was slightly higher at $78.80 per barrel, though this was still a 0.3% decline compared to the previous Friday.
The Brent oil futures prices remained elevated due to decreasing production in Libya and concerns about supply disruptions related to the Middle East conflict. Nonetheless, concerns about demand, anticipated production increases by OPEC+ in the final quarter of the year, and expectations of lower interest rate cuts in the US put downward pressure on prices.
For TTF gas futures for the Front Month on the ICE market, settlement prices stayed below €40 per MWh during the last week of August. On Monday, August 26, despite an increase from the previous week’s final session, the futures hit a weekly low of €37.66 per MWh. Conversely, by Friday, August 30, the settlement price reached its weekly high of €39.82 per MWh, marking an 8.0% increase from the previous Friday.
The upward pressure on TTF gas futures prices was driven by reduced supply from Norway due to maintenance work and concerns about potential gas supply disruptions from Russia amid the ongoing conflict between Russia and Ukraine. However, high levels of European reserves and liquefied natural gas supplies helped keep settlement prices below €40 per MWh.
Regarding CO2 emission allowance futures in the EEX market for the December 2024 contract, prices remained relatively stable during the last week of August, fluctuating around €71 per ton. The weekly high was recorded on Tuesday, August 27, at €71.49 per ton, while the weekly low was reached on Friday, August 30, at €70.30 per ton. This represented a 1.2% decrease compared to the previous Friday, AleaSoft reports.