In the second week of September, Brent oil futures for the Front Month on the ICE market experienced notable fluctuations. After a slight rise on Monday, the prices fell by 3.7% on Tuesday, September 10, hitting a weekly low of $69.19 per barrel. This was the lowest settlement price since December 2, 2021. However, prices rebounded in the latter part of the week, with futures closing at $71.97 per barrel on Thursday, September 12, their weekly high. By Friday, September 13, the settlement price was $71.61 per barrel, marking a 0.8% increase from the previous Friday.
The drop on Tuesday was influenced by revised lower demand forecasts from OPEC and the International Energy Agency. Nonetheless, price recovery in the latter part of the week was supported by disruptions in US supply due to Hurricane Francine and ongoing supply issues in Libya.
For TTF gas futures in the ICE market, the Front Month contract saw its highest settlement price of the week, €37.33 per MWh, on Monday, September 9. Conversely, on Thursday, September 12, it reached its weekly low of €35.19 per MWh, the lowest since July 31. By Friday, September 13, the price had slightly increased to €35.65 per MWh, though this was still 2.3% lower than the previous Friday.
The initial price peak was driven by forecasts of cold weather and reduced Norwegian supply, along with concerns about Hurricane Francine’s impact on US LNG exports. Despite these factors, high European reserves and ample supply kept prices below €38 per MWh throughout the week.
Regarding CO2 emission allowance futures on the EEX market for the December 2024 reference contract, the weekly high of €66.52 per ton was recorded on Monday, September 9. The lowest settlement price for the week was €64.92 per ton on Tuesday, September 10, the lowest since July 23. Prices increased by 2.3% on September 11 but fell again in the subsequent sessions, closing at €64.99 per ton on Friday, September 13, 2.3% lower than the previous Friday, AleaSoft reports.
