In the fourth week of September, Brent oil futures for the Front Month in the ICE market experienced declines across most sessions but maintained prices above $71 per barrel. The week began with a peak settlement price of $75.17 per barrel on Tuesday, September 24, marking the highest point since September 3. Following this peak, prices steadily fell, reaching a low of $71.60 per barrel on Thursday, September 26. The settlement price saw a slight rebound to $71.98 per barrel on Friday, September 27, although this reflected a 3.4% decrease from the prior week.
The anticipated increase in OPEC+ production scheduled for December contributed to the decline in Brent prices, even as potential economic measures aimed at boosting demand in China loomed. However, ongoing instability in the Middle East raised supply concerns, which could support price increases in the upcoming week.
Meanwhile, TTF gas futures in the ICE market for the Front Month remained above €35 per MWh throughout the fourth week. All sessions saw price increases except for Tuesday, September 24, when the futures hit a weekly low of €35.41 per MWh. By Friday, September 27, prices climbed to €38.11 per MWh, marking an 11% increase from the previous week and the highest price since September 3.
Factors such as forecasts of colder temperatures and ongoing conflicts, particularly between Russia and Ukraine, drove TTF gas futures higher. While European reserve levels are currently robust, the pace of reserve filling has slowed due to a diversion of US liquefied natural gas to Asia, where demand and prices are rising.
For CO2 emission allowance futures in the EEX market, the December 2024 reference contract saw a weekly low of €63.87 per tonne on September 24. Prices increased over the next two days, reaching a peak of €66.52 per tonne on September 26, the highest since September 10. On Friday, September 27, prices dipped slightly to €66.33 per tonne, yet still represented a 4.6% rise from the previous week, AleaSoft reports.
