In the final week of January, settlement prices for Brent oil futures in the ICE market reached their weekly peak of $77.49 per barrel on Tuesday, January 28. However, subsequent sessions saw prices remain below the $77 mark, with the lowest price recorded on January 29 at $76.58 per barrel. This represented the lowest settlement since January 9. On Friday, January 31, Brent oil settled at $76.76 per barrel, reflecting a 2.2% decrease compared to the previous Friday.
The downward trend in Brent oil prices was driven by concerns over the potential economic impact of U.S. tariffs, which raised fears about slower global growth.
Meanwhile, in the ICE market for TTF gas futures, settlement prices for the Front Month contract experienced a sharp decline on Monday, January 27, dropping 3.7% from the previous week’s closing price. The contract settled at €47.86 per MWh, marking the lowest price of the week. However, as the week progressed, prices began to rise, peaking on Friday, January 31, at €53.24 per MWh. This was a 7.1% increase from the previous Friday and the highest price seen since mid-October 2023.
The rise in TTF gas prices was attributed to increased demand brought on by colder temperatures late in the week, along with decreased European reserves and reduced gas supplies from Norway.
In the CO2 emission allowance futures market, prices for the reference contract of December 2025 in the EEX market reached their weekly low of €79.36 per tonne on Monday, January 27. However, prices climbed throughout the rest of the week, surpassing €80 per tonne, and reached a weekly high of €83.93 per tonne on Friday, January 31. This marked a 2.8% increase from the previous Friday and the highest price since mid-November 2023.
Overall, the fluctuations in energy prices were influenced by a mix of economic factors, weather-related demand increases, and supply disruptions, AleaSoft reports.
