During the third week of July, Brent oil futures for the Front Month on the ICE market declined in most sessions. The exception was Thursday, July 17, when the settlement price increased by 1.5% from the previous day, reaching the week’s highest price of $69.52 per barrel. The lowest settlement price of the week was recorded on Wednesday, July 16, at $68.52 per barrel, which was 1.5% lower than the previous Friday’s price.
The decline in Brent futures was largely driven by uncertainty surrounding sanctions on Russian oil. However, later in the week, the U.S. President granted Russia a 50-day grace period before implementing new sanctions, easing fears of immediate supply disruptions and reducing upward pressure on prices. Additionally, trade tensions involving potential new U.S. tariffs on key partners such as the European Union and Japan raised concerns about weaker global demand.
TTF gas futures for the Front Month on the ICE market started the week at prices similar to the previous Friday. On Monday, July 14, they reached their weekly maximum settlement price of €35.45 per MWh. Prices then generally declined, except on July 16, when they rose by 1.1% compared to the previous day. The lowest price of the week was on Friday, July 18, at €33.60 per MWh, which was 5.5% lower than the previous Friday. Despite fluctuations, the average weekly price remained nearly stable with a slight decrease of 0.1%. The increase in liquefied natural gas (LNG) supply in Europe, driven by higher imports and moderate demand in Asia, contributed to the price drop.
In the EEX market, CO₂ emission allowance futures for the December 2025 contract began the week with a settlement price 0.2% lower than the previous Friday. On Tuesday, July 15, prices rose by 1.5% to reach the weekly maximum of €71.51 per ton. Afterward, prices declined steadily until Friday, July 18, settling at the weekly minimum of €69.89 per ton, 0.9% lower than the previous Friday’s price, AleaSoft reports.
