In the fourth week of January, Brent oil futures continued their downward trend that began the previous week. The settlement price reached a weekly high of $80.15/bbl on Monday, January 20, before falling to a low of $78.29/bbl on Thursday, January 23. A slight recovery occurred on Friday, January 24, with the price settling at $78.50/bbl, still 2.8% lower than the previous week. Contributing to this decline were the ceasefire agreement between Israel and Hamas, which eased supply concerns, and the outlook of increased US production.
Meanwhile, TTF gas futures experienced an increase in most sessions during the fourth week of January. After reaching a weekly low of €47.85/MWh on January 20, the price surged by 4.5% the next day, hitting €50.03/MWh—its highest point since January 3, 2025. Despite some fluctuations, the price settled at €49.70/MWh on Friday, January 24, reflecting a 6.0% increase from the previous Friday. This increase was driven by declining European gas reserves and interruptions in Russian gas supplies, although some LNG shipments to Europe helped limit the rise.
CO2 emission allowance futures saw a general upward trend throughout the week, with the exception of January 22. After reaching a weekly low of €78.94/t, these futures rose to €81.67/t by Friday, January 24, marking a 3.0% increase from the previous Friday and the highest price since December 30, 2024, AleaSoft reports.
