Brent crude futures for the Front Month on the ICE exchange hit their weekly peak of $64.89/bbl on Tuesday, November 18, before shifting into a downward trend. By Friday, November 21, they had fallen to $62.56/bbl, marking the week’s lowest settlement price—2.8% below the previous Friday and the lowest level since October 22, according to AleaSoft Energy Forecasting data.
Throughout the third week of November, Brent prices remained under $65/bbl, despite ongoing sanctions on Russian oil companies. Hopes for progress in peace talks related to Ukraine added bearish pressure, with markets increasingly weighing the possibility that sanctions could be eased if negotiations advance. This raised concerns about potential oversupply, contributing further to the price decline.
TTF gas futures for the Front Month on the ICE market began the week with a brief upswing, reaching a weekly high of €31.69/MWh on Tuesday, November 18. Prices then stabilized below €31.20/MWh in subsequent sessions. By Friday, November 21, settlement prices had slipped to €30.20/MWh, the lowest level since May 16, 2024—3.4% below the previous Friday.
Despite cold weather across Europe, ample supply kept TTF prices below €32/MWh throughout the week. Expectations of milder temperatures heading into late November and early December, along with momentum in Ukraine peace discussions, added to the downward pressure.
In the carbon market, CO₂ emission allowance futures for the December 2025 benchmark contract on the EEX exchange recorded their lowest settlement price of the week—€79.94/t—on Monday, November 17. Prices stayed above €80/t in all remaining sessions, reaching a weekly high of €81.38/t on Thursday, November 20. After a 1.2% decline on Friday, November 21, the contract closed at €80.42/t, representing a 0.6% drop from the prior week, AleaSoft reports.
