In the first week of September, Brent crude oil futures for the Front Month on the ICE market continued their downward trend that began at the end of the previous week. On Monday, September 2, these futures hit their weekly peak settlement price of $77.52 per barrel. However, due to declines throughout the week, by Friday, September 6, the futures had reached their weekly low settlement price of $71.06 per barrel. According to data analyzed by AleaSoft Energy Forecasting, this price was 9.8% lower than the previous Friday and the lowest since December 4, 2021.
During the first week of September, concerns about the global economy and demand pressured Brent oil futures prices downward, despite OPEC+’s decision to delay production increases until December. However, the arrival of a hurricane on the US Gulf Coast could potentially drive prices higher in the second week of September.
For TTF gas futures on the ICE market for the Front Month, the weekly maximum settlement price was €38.58/MWh on Monday, September 2. Prices then declined, and on September 4, these futures hit their weekly minimum settlement price of €35.80/MWh. According to data analyzed by AleaSoft Energy Forecasting, this was the lowest price since August 6. In the latter part of the first week of September, prices began to recover. On Friday, September 6, the settlement price was €36.48/MWh, still 8.4% lower than the previous Friday.
In the first week of September, high levels of European gas reserves helped keep settlement prices below €40/MWh. However, supply disruptions due to maintenance work in Norway and weather forecasts indicating a potential increase in demand led to higher TTF gas futures prices by the end of the week.
Regarding CO2 emission allowance futures on the EEX market for the December 2024 reference contract, the weekly maximum settlement price of €70.43/t was recorded on Monday, September 2. Prices then declined from Tuesday through Thursday, with the lowest settlement price of the week at €66.20/t on Thursday, September 5. According to AleaSoft Energy Forecasting, this was the lowest price since July 24. On Friday, the settlement price increased slightly to €66.50/t, but it was still 5.4% lower than the previous Friday.
