Brent oil futures for the front month in the ICE market reached a weekly high of $76.20 per barrel on Tuesday, February 4. Following this, settlement prices remained below $75 per barrel for the rest of the week. On February 6, the futures registered their weekly low, settling at $74.29 per barrel—this marked the lowest price since December 28, 2024. By Friday, February 7, the settlement price was $74.66 per barrel, reflecting a 2.7% decrease from the previous Friday.
Despite increased sanctions on Iranian oil, plans for ramping up production in the United States, and concerns over US tariff policies impacting global oil demand, Brent oil futures continued to decline during the first week of February. Additionally, the rise in US oil reserves and a drop in gasoline demand in the country further exerted downward pressure on oil prices.
In the TTF gas futures market for the front month, settlement prices remained above €50/MWh throughout the first week of February. On Tuesday, February 4, the settlement price reached its weekly low of €52.05/MWh. However, prices began to climb in the following sessions. By Friday, February 7, TTF gas futures peaked at €55.72/MWh, representing a 4.7% increase from the previous Friday. This was the highest price since February 7, 2023.
The rise in gas futures prices can be attributed to reduced wind energy production and colder temperatures, which led to increased gas demand during the first week of February. Additionally, concerns about European gas reserves, which were below 50% by the end of the week, contributed to the upward price movement.
As for CO2 emission allowance futures on the EEX market for the December 2025 reference contract, prices experienced a 3.6% drop on Monday, February 3, compared to the last session of the previous week. They continued to decrease slightly on Tuesday, with the lowest price of the week recorded at €80.88 per ton. In the remaining sessions of the week, prices rebounded. By Friday, February 7, CO2 futures reached their weekly high of €82.28 per ton, still 2.0% lower than the previous Friday, AleaSoft reports.
