During the third week of November 2024, Brent oil futures in the ICE market experienced price increases in almost every session, with the exception of November 20. On that day, the futures reached their lowest settlement price of the week at $72.81 per barrel. However, by Friday, November 22, prices rose to their weekly peak of $75.17 per barrel, marking a 5.8% increase compared to the previous Friday. The surge in oil prices was largely driven by ongoing developments in the Russia-Ukraine conflict, alongside expectations of rising imports from China, AleaSoft reports.
As for TTF gas futures in the ICE market, the week began with price increases but saw a decline on Tuesday, November 19, when the futures registered their lowest settlement price of the week at €45.67 per MWh. Prices rebounded afterward, reaching a weekly high of €48.30 per MWh on Thursday, November 21, the highest price since November 3, 2023. On Friday, November 22, prices dropped by 2.7% compared to Thursday, settling at €47.02 per MWh, but still 1.0% higher than the previous Friday. The increase in gas prices was largely fueled by ongoing concerns about gas supply from Russia.
Regarding CO2 emission allowance futures in the EEX market for the December 2024 reference contract, prices remained above €68 per tonne throughout the week. On November 19, prices reached their weekly low at €68.13 per tonne. However, by Thursday, November 21, prices climbed to a weekly peak of €69.99 per tonne, marking the highest level since September 2023. On Friday, November 22, prices fell slightly by 1.0% compared to Thursday, ending the week at €69.27 per tonne, still 1.9% higher than the previous Friday, AleaSoft reports.
