Brent oil futures for the Front Month in the ICE market began the fourth week of November with a decline in prices. On Tuesday, November 26, these futures hit their weekly minimum settlement price of $72.81 per barrel. However, prices later rebounded, reaching their weekly maximum settlement price of $73.28 per barrel on Thursday, November 28. By Friday, November 29, prices saw a slight decline again, settling at $72.94 per barrel, which was 3.0% lower than the previous Friday, according to data analyzed by AleaSoft Energy Forecasting.
In the fourth week of November, the ceasefire in Lebanon contributed to the drop in Brent oil futures prices. Meanwhile, the OPEC+ meeting scheduled for December 1 was postponed until December 5, when OPEC+ member countries will decide whether to increase production levels for January.
Regarding TTF gas futures for the Front Month in the ICE market, they started the fourth week of November with price increases. On Monday, November 25, the settlement price was €47.73/MWh. Prices then dropped, with the weekly minimum settlement price of €46.26/MWh recorded on Thursday, November 28. However, prices rose again on Friday, reaching their weekly maximum settlement price of €47.81/MWh after a 3.4% increase from the previous day. This price was 1.7% higher than the previous Friday, as analyzed by AleaSoft Energy Forecasting.
Expectations of increased demand with colder temperatures in December contributed to the rise in TTF gas futures prices. Additionally, European reserve levels were lower than in the previous year, and rising demand for liquefied natural gas in Asia diverted some vessels that would have been bound for Europe.
As for CO2 emission allowance futures in the EEX market for the December 2024 reference contract, they reached their weekly maximum settlement price of €69.86 per ton on Monday, November 25. Prices then declined, hitting their weekly minimum settlement price of €67.63 per ton on Thursday, November 28, the lowest since November 14. By Friday, November 29, prices increased by 1.1% from Thursday’s levels, settling at €68.40 per ton, still 1.3% lower than the previous Friday, AleaSoft reports.
