Brent oil futures for the Front Month on the ICE market reached a weekly high settlement price of $69.14 per barrel on Tuesday, September 2, marking the highest level since August 2. Following this peak, prices declined, reaching a weekly low of $65.50 per barrel on Friday, September 5. This represented a 3.8% drop compared to the previous Friday and was the lowest price since June 6.
The decline in Brent futures was driven by expectations of further production increases by OPEC+ and rising U.S. oil inventories. On Sunday, September 7, OPEC+ confirmed plans to continue increasing production in October, though at a slower pace than in prior months.
Meanwhile, settlement prices for TTF gas futures in the ICE market for the Front Month remained around €32 per MWh during the first week of September. On Tuesday, September 2, prices reached the weekly minimum of €31.77 per MWh, while on Thursday, September 4, they peaked at €32.41 per MWh. By Friday, September 5, the settlement price was €31.97 per MWh, 1.1% higher than the previous Friday.
The relatively stable TTF gas prices were supported by abundant supply and rising European storage levels, which are approaching the EU’s target of 90% filling by early November, AleaSoft reports.
