In the early days of February, European energy markets exhibited varied trends, particularly in Brent oil, TTF gas, and CO₂ futures. Brent oil futures on the ICE market remained below the $70 per barrel mark throughout the week. The lowest settlement price was recorded on February 2 at $66.30 per barrel, followed by a rise that peaked at $69.46 per barrel on February 4. However, by the end of the week on February 6, prices settled at $68.05 per barrel, marking a decline of 3.7% compared to the previous Friday.
The fluctuations in Brent oil prices were largely influenced by geopolitical tensions in the Middle East, which contributed to the midweek price surge. Anticipation surrounding upcoming US-Iran negotiations scheduled for February 6 tempered further price increases as the week progressed.
Conversely, TTF gas futures began the week with a downward trend, hitting a weekly low of €32.86 per MWh on February 3. Prices rebounded later in the week, reaching a maximum settlement price of €35.69 per MWh by February 6; however, this figure still represented a decrease of 9.1% from the prior week’s closing price.
The stability in TTF gas prices can be attributed to increased availability of US liquefied natural gas (LNG), which helped maintain levels below €36 per MWh. Additionally, decreased supply concerns through the Strait of Hormuz contributed to this stability. The demand for gas for electricity generation rose due to reduced wind energy production, further bolstered by forecasts predicting low temperatures and diminished European storage levels.
Meanwhile, CO₂ emission allowance futures for December 2026 on the EEX market demonstrated a downward trajectory during this period. The highest settlement price was noted on February 2 at €83.28 per ton; however, prices fell to a weekly minimum of €78.20 per ton by February 5—the lowest since October 1, 2025. A slight recovery was observed by February 6 when prices reached €78.74 per ton but still reflected a decrease of 3.1% from the previous Friday’s figures.
