In the energy markets during the week of January 19, Brent oil futures on the ICE market showed remarkable stability. The week commenced with a settlement price of $63.94 per barrel, representing a slight decrease of 0.3% from the previous Friday. Following this, prices experienced an upward trend, reaching $65.24 per barrel before declining to $64.06 per barrel on Thursday, marking a 1.8% drop from the prior day. The peak for the week was recorded on Friday, January 23, when Brent settled at $65.88 per barrel, reflecting a 2.7% increase compared to the previous week’s closing price.
Geopolitical tensions in the Middle East, particularly concerning Iran, have been a significant factor influencing Brent prices throughout this period. Although there were no direct supply disruptions reported, ongoing sanctions and military activities contributed to maintaining a moderate risk premium in the market. Additionally, signs of de-escalation in U.S. rhetoric and a lack of new major incidents limited potential price rebounds. Inventory data alongside global supply expectations played a crucial role in stabilizing prices around levels similar to those observed in the previous week.
In contrast to Brent oil, TTF gas futures for the Front Month on the ICE market exhibited an upward trajectory during this same week. On Monday, January 19, TTF gas settled at €35.40 per megawatt-hour (MWh), which was 4% lower than the previous Friday and marked its weekly minimum. However, prices surged throughout the week to reach a high of €40.04 per MWh on Friday, January 23—an increase of 8.6% from the previous week and representing the highest level since June 24, 2025. This upward momentum was largely driven by forecasts predicting colder temperatures across Europe and relatively low gas storage levels at approximately 45%, compounded by supply concerns and geopolitical uncertainties.
Meanwhile, CO₂ emission allowance futures within the EEX market for contracts expiring in December 2026 opened at €88.16 per ton on January 19—a decline of 4.2% from the prior Friday’s close. The prices dipped further to a weekly low of €84.94 per ton on Tuesday before rebounding to reach a weekly high of €88.48 per ton on Thursday; however, this remained 3.9% lower than the previous Friday’s settlement price. By Friday, January 23, CO₂ prices saw a marginal decline of 0.1%, settling at €88.41 per ton.
