During the second week of May, Brent crude oil futures for the Front Month on the ICE market showed a notable upward trend. On Monday, May 5, futures settled at a weekly low of $60.23 per barrel, the lowest level since February 6, 2021. However, prices increased steadily over the following sessions, reaching $63.91 per barrel on Friday, May 9. This marked a 4.3% rise compared to the previous Friday’s settlement. The price increase was mainly driven by easing trade tensions, including expectations surrounding renewed negotiations between China and the United States, as well as the finalized trade agreement between the U.S. and the U.K. Additionally, a decline in U.S. oil reserves contributed to the upward pressure on prices.
TTF gas futures for the Front Month in the ICE market also registered gains during the same week. On Monday, May 5, they recorded their lowest settlement price of the week at €32.93 per megawatt-hour. For the rest of the week, prices remained above €34.50/MWh, reaching a weekly high of €35.34/MWh on Thursday, May 8—the highest since April 22. Despite a slight decline to €34.62/MWh on Friday, May 9, this figure still represented a 4.7% increase from the previous Friday. Sustained demand for LNG in Asia, the need to replenish European gas storage ahead of winter, and the European Union’s strategic shift away from Russian gas post-2027 all contributed to the price support seen throughout the week.
CO₂ emission allowance futures for the December 2025 contract in the EEX market also experienced growth. On Monday, May 5, prices reached a weekly minimum of €67.47 per ton. Over the next two days, May 6 and 7, daily increases exceeded 2.5%, culminating in a weekly peak of €71.06 per ton on May 7—the highest since March 25. Although prices eased slightly in the final sessions of the week, they remained above €70 per ton. On Friday, May 9, the futures settled at €70.39 per ton, showing a 2.4% increase compared to the previous Friday, AleaSoft reports.
