In the final week of January, energy markets witnessed notable fluctuations, particularly in Brent oil futures, TTF gas futures, and CO₂ emission allowances. Brent oil prices on the ICE market opened at a weekly low of $65.59 per barrel on January 26 before experiencing a significant upward trend. By January 29, prices peaked at $70.71 per barrel, marking the highest settlement since August 1, 2025. The week concluded with a slight decline to $70.69 per barrel on January 30, still reflecting a substantial increase of 7.3% compared to the previous week.
The rise in Brent prices has been attributed to escalating geopolitical tensions between the United States and Iran and a weaker U.S. dollar. Additionally, OPEC+ announced on February 1 its decision to maintain its current production levels through March, further influencing market dynamics.
Meanwhile, TTF gas futures for the Front Month remained resilient throughout the week, consistently trading above €38 per megawatt-hour (MWh). The lowest price recorded was €38.09/MWh on January 27, while the highest reached €40.11/MWh on January 29—the highest since June 24, 2025. Prices settled at €39.29/MWh by Friday, reflecting a weekly increase of 1.9% from the prior week.
This upward movement in gas prices can be linked to low storage levels in Europe and ongoing supply disruptions from the United States and tensions in the Middle East. However, a partial recovery in U.S. supply contributed to easing price pressures as the week concluded.
On the emissions front, CO₂ allowance futures on the EEX market for December 2026 saw significant volatility as well. Prices peaked at €88.37 per tonne on January 27 before dropping to a weekly minimum of €81.26 per tonne by January 30—the lowest settlement recorded since November 1, 2025—resulting in an overall decline of 8.1% from the previous Friday.
This week’s developments underscore how geopolitical factors, supply chain disruptions, and fundamental market conditions are driving volatility across energy commodities, shaping decision-making processes for stakeholders within these markets.
