In the fourth week of March, Brent oil futures continued their upward trajectory, reaching a weekly maximum settlement price of $74.03/bbl on Thursday, March 27, the highest since late February. On Friday, March 28, prices slightly declined to $73.63/bbl, still 2.0% higher than the previous Friday. The rise in prices was influenced by US tariff policies, including the announcement of additional tariffs on countries purchasing Venezuelan gas or oil. A decrease in US oil reserves also contributed to the upward pressure. Furthermore, the announcement of tariffs on imported cars and light trucks potentially slowing the transition to more fuel-efficient vehicles played a role in driving prices higher.
In the ICE market, TTF gas futures for the Front Month reached a weekly high of €42.75/MWh on Monday, March 24. However, prices generally declined throughout the week, with the weekly minimum settlement price of €40.59/MWh recorded on Friday, March 28, marking a 4.7% decrease from the previous Friday. Milder temperatures had a cooling effect on gas prices, but concerns about low European gas reserves kept settlement prices above €40/MWh.
Regarding CO2 emission allowance futures for the December 2025 reference contract in the EEX market, prices reached a weekly high of €71.52/t on March 24. However, prices fell by 3.2% on March 27, settling at €68.54/t, before rising slightly to €68.80/t on March 28. This represented a 3.7% decrease from the previous Friday, AleaSoft reports.
