In the second week of January, Brent front-month futures exhibited notable resilience, maintaining prices above $60 per barrel for the majority of the period. The only exception occurred on January 7, when prices dipped to a weekly low of $59.96 per barrel. By January 9, however, Brent prices surged to a weekly high of $63.34 per barrel, marking a significant increase of 4.3% from the previous week and reaching levels not seen since early December 2025.
This upward price movement can be attributed primarily to renewed geopolitical tensions. Key factors include ongoing uncertainties surrounding Venezuela’s oil exports, the implementation of new U.S. sanctions targeting buyers of Russian oil, and fears that instability in Iran might disrupt future oil supplies. Although these tensions helped sustain Brent prices above the $60 threshold for most of the week, an announcement regarding Venezuela’s commitment to deliver between 30 and 50 million barrels to the United States contributed to a temporary price decline on January 7.
In parallel developments within the gas market, TTF front-month futures began the week with a sharp decline of 5.5% compared to the previous Friday. On January 5, prices reached a weekly low of €27.40 per MWh before experiencing a recovery that peaked at €28.78 per MWh on January 7. However, by January 9, prices settled at €28.13 per MWh, reflecting a decrease of 3% from a week earlier.
The pressure on gas prices was exacerbated by concerns over liquefied natural gas (LNG) supply security and European storage levels falling below 55%. Despite these pressures, forecasts indicating milder weather conditions in the coming days helped temper price increases and kept values below €29 per MWh.
Meanwhile, CO₂ emission allowance futures for the December 2026 contract in the EEX market demonstrated a clear upward trajectory throughout the week. Beginning with a weekly minimum price of €87.25 per ton on January 5, prices steadily climbed to reach €89.56 per ton by January 9—an increase of 1.4% from the previous Friday and representing the highest level since at least late December 2023.
